Sunday 4 December 2016

US investors close long awaited deal for Lough Erne Resort

Published 19/07/2015 | 02:30

The hotel at the Lough Erne Resort in Co Fermanagh which was bought by a group led by financier Michael Saliba
The hotel at the Lough Erne Resort in Co Fermanagh which was bought by a group led by financier Michael Saliba

A consortium led by American financier Michael Saliba has completed an €11m deal to take over the five star Lough Erne resort in Co Fermanagh.

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According to CBRE, which was agent over the property, the long expected sale was completed by Vine Avenue Advisors which is headed by Michael Saliba, and TRU Hotels and Resorts, a hotel investment and management company founded by veteran American hoteliers Jeff Mahan and Mark Ward. Tru have been appointed to oversee the management of Lough Erne Resort. Terms were agreed last year but it has now been completed.

CBRE was instructed by KPMG's John Hansen and Stuart Irwin, joint administrators of Castle Hume Leisure Ltd to bring the resort the market in May 2013.

The Lough Erne Resort, sits on its own peninsula between the breathtakingly beautiful shorelines of Lough Erne and Castle Hume Lough, close to Enniskillen.

The property, which hosted the G8 meeting two years ago, has facilities including two golf courses, a 125 bedroom hotel, conference centre with capacity for 400 people. The sale also included 25 lodges.

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