Hotelier Joe Scally has bought the landmark Malton Hotel in Killarney.
Mr Scally bought the hotel which was part of the State-owned Great Southern group until 2006 and has been popular with generations of visitors to Kerry.
Mr Scally is already the owner of the Royal Hotel in Killarney and Hayfield Manor in Cork. He is a brother-in-law of Padraig Treacy of the Killarney Park Hotel, who was part of the consortium that previously owned the Malton shortly after it was sold by the Government in 2006.
The four-star hotel has been a landmark in Irish tourism for 160 years. It was placed on the market in May by the National Asset Management Agency.
A number of Irish and foreign investors are understood to have viewed the 172-bedroom property.
The Great Southern hotels were bought by Galway property developer Gerry Barrett in 2006 and then sold a short time later to a Killarney consortium.