Sale of Limerick Radisson for €3.5m will save 60 jobs
Published 17/06/2014 | 02:30
IRISH hotel firm iNua hospitality has bought the Radisson Blu Hotel and Spa outside Limerick for €3.5m.
The deal secures close to 60 jobs at the hotel, which had been in receivership for just over a year.
The hotel, below, will be taken over as a going concern.
The deal is iNua's second major hotel deal in Munster in the last year. It previously had taken over the Radisson Blu hotel in Little Island in Co Cork.
The 154-bedroom hotel sits on 20 acres of grounds close to Thomond Park and a number of golf clubs including Doonbeg and Lahinch.
The hotel was built in 1970 and refurbished in 2002.
Financier Noel Creedon, who heads iNua, said he was "very pleased" with the deal.
Mr Creedon added: "We are excited about the development potential for this asset and we look forward to working with the staff and team in Limerick.
"There are some excellent opportunities to profit on the current turnaround of the hospitality sector and the time to act is now.
"Our most recent acquisition of Radisson Blu Hotel and Spa in Limerick demonstrates the growing strength and economic value of the tourism sector. It also strengthens our position as a leading hotel investment vehicle."
News of the deal comes as interest begins to stir in the Limerick hotel market.
The region was hit hard during the crash, with hotel room prices plunging to the lowest in the country but has begun to stabilise in recent months.
On Sunday BNP Paribas Real Estate launched the "City Central Portfolio" which includes the five star Savoy Hotel as well as other apartments.