The private Beacon Hospital in south Dublin will continue to expand and provide exemplary patient care, its new chief executive Michael Cullen has pledged.
Mr Cullen is co-founder of the Beacon Medical Group which will assume operational control of the hospital.
It was previously managed by University of Pittsburgh Medical Centre.
Businessman Denis O'Brien then took over the hospital, which is located in Sandyford and employs 200 medical consultants and 600 staff.
Losses reached nearly €10m in 2011 and 2012, despite turnover rising by 7pc to €70.1m last year.
The debt associated with the hospital was acquired by Mr O'Brien who continues to be the lender to the hospital.
A spokeswoman for the hospital said the announcement would have no impact on the day-to-day operations of the hospital nor would it affect patients or employees of the hospital in any way.