Radisson Blu Cork bought by iNua
NEW hotel management consultancy iNua Hospitality has bought the Radisson Blu Hotel and Spa in Little Island Cork.
The deal is iNua's first purchase.
The hotel had been valued at €37m in 2005 but was guiding only €8m when it was brought to market earlier this year.
The sale saves 150 jobs, and the hotel will continue to operate as a going concern.
Savills' Tom Barrett acted as agent over the property.
Led by financier Noel Creedon, iNua Hospitality describes itself as a "key facilitator of debt restructuring, connecting available capital and strong investment opportunities in the hospitality industry".
Commenting on the deal, Mr Creedon said it was a "great day for Radisson Blu Hotel, Little Island, as well as for the future of the wider hospitality sector".
"Continued investment in the sector is essential in returning the industry to profitability and we are currently seeing significant discounts in hotel assets when compared to original development or acquisition costs.
"This means that hotels can now, for the first time, be purchased on a commercial basis providing attractive yields to investors," he added.
The four star, 126-bedroom hotel is situated on the grounds of the 19th-century Ditchley House on approximately eight acres.
A popular business and wedding destination, it is some 10 minutes from Cork city centre and Cork Airport, as well as being close to the M8 motorway.
Hotel general manager Shane Fitzpatrick, claimed news of the sale was "wonderful news".
"Since opening in 2005, we've prided ourselves on bringing a new standard of service to a competitive local market. Today's announcement not only ensures that the Radisson Blu Hotel Cork remains viable, it also offers significant job security to our staff.
"We now look forward to working with iNua Hospitality to ensure we remain a premier hotel destination in Cork."
iNua is said to be "confident" of securing further assets in the coming weeks.