FBD Hotels & Resorts (FBDH&R) has reached an agreement to buy Killashee Hotel in county Kildare for €25m from Tetrarch Capital.
The four-star hotel in Naas boasts 141 bedrooms, 20 meeting rooms, three conference and event ballrooms, as well as two wedding venues, a gym, and 25 metre swimming pool.
This will bring to six the number of luxury hotels owned by FBDH&R, including Faithlegg Hotel, Waterford, the Heritage Hotel and Spa, Laois, and Castleknock Hotel, Dublin.
FBDH&R employs 900 people across its hotel and resort portfolio. The acquisition of Killashee Hotel will see a further 300 people join the group.
“We are delighted to announce the agreement to add Killashee Hotel to the FBD Hotels and Resorts portfolio,” David Kelly, CEO of FBD Hotels & Resorts, said.
“Killashee Hotel is a successful business with a longstanding reputation of excellence that aligns strongly with the ambitions and values of FBD Hotels and Resorts. As such, we are confident that this hotel is a strong strategic fit for our group, offering solid fundamentals in terms of team, location, brand, and historical performance.”
FBDH&R is owned by farmer-owned investment company, Farmer Business Developments (FBD).
The group’s portfolio also includes two four-star resorts in Spain, Sunset Beach Club and La Cala Resort on the Costa Del Sol.
The company has an “extensive” landbank in La Cala, Spain, which it is developing partly via joint ventures with international construction company Taylor Wimpey, according to a statement from the group.
FBDH&R was advised on the transaction by Paul Collins and Dave Murray of CBRE.
Tetrarch Capital was advised by Tom Barrett of Savills.
“Following approximately eight years of ownership, we have agreed to sell Killashee Hotel to FBD Hotels & Resorts,” Michael McElligott, principal of Tetrarch Capital, said.
“Killashee Hotel is a landmark venue in my home county of Kildare, and we have thoroughly enjoyed working with Deirdre Nix, general manager; Orla McCabe, director of sales & marketing; and their outstanding team at the hotel during this period,” he added.