Hotel group adds to Irish portfolio as it buys Athlone Radisson for over €9m
Published 13/07/2016 | 02:30
The four-star Radisson Blu Hotel in Athlone has been sold for a sum of between €9m and €10m to Noel Creedon's iNua Hospitality Group.
Situated in a prime location on the banks of the River Shannon, it will be added to iNua's portfolio of existing Irish hotels which already includes the Radisson Blu Hotels in Cork and Limerick. The sale of the hotel as a going concern was conducted by CBRE's hotels division with the agreement of the receiver to Earl's Holdings, Kieran Wallace of KPMG.
All existing employment at the property has been protected.
Commenting on the acquisition of the hotel which opened for business in 2004, iNua's ceo Noel Creedon said: "The Radisson Athlone is an ideal complement to our two existing Radisson properties in Cork and Limerick and will enable us to drive better efficiencies, service levels and profitability in conjunction with our operating partner Rezidor.
"Athlone now brings the overall iNua Portfolio to five hotels," Mr Creedon added.
Dermot Curtin of CBRE Hotels said the Radisson Blu had attracted strong investor interest from Ireland and abroad.
"This latest transaction in the provincial Ireland hotel market shows again that there is very strong demand for well located, modern and profitable hotel operations in the larger provincial centres and especially those regional centres like Athlone, that are within easy reach of Dublin and Ireland's other major cities," he said.