Irish hotel company Dalata is to spend over €3.5m buying the Maldron Hotel Wexford.
The firm has entered into an agreement to buy the hotel for a €3.53m cash payment. It is expected that the transaction will complete in April.
The hotel has been operated by Dalata since August 2007 under the terms of a 33 year leasehold agreement with a current annual rent of €300,000 per annum subject to upward only rent reviews at five year intervals.
The next rent review is due in January 2019.
A statement from Dalata said that the acquisition “will consolidate the Group's position and allow it to develop the business of the hotel to its full potential.”