Harvey's Point assets move to Austrian owner after sale

Ergo

Harvey’s Point hotel overlooks Lough Eske in Donegal

March 08 2020 02:30 AM

The original holding company for the four-star Co Donegal hotel Harvey's Point has been placed into members voluntary liquidation, with net assets worth nearly €9.1m, Ergo has learnt. This is a technical move following its sale. In a recently submitted filing with Companies Registration Office, the original company was wound up with assets worth €9.7m and liabilities worth nearly €650,000.

Last May, the hotel, which is nestled on the shoreline of Lough Eske, was acquired for an undisclosed sum by TMR Hotel Collection, owned by Austrian investor Thomas Röggla. Harvey's Point was previously owned by Deirdre McGlone and Marc Gysling. Davy Real Estate is TMR's Irish partner.

Once the liquidation of the original holding company is complete, the value of all its assets, which includes the value of the Harvey's Point property, minus the liabilities, will be transferred into the ownership of TMR.

TMR owns several hotels in Ireland and set out on an expansion last year, acquiring and renovating three hotels. As well as Harvey's Point, it bought the four-star Plaza Hotel in Tallaght and the 186-bedroom Tallaght Cross Hotel in Dublin.

According to TMR, the buying as well as investing in these three hotels will be close to €60m.

As one of Ireland's largest hotel groups, it now has more than 1,600 bedrooms and employs more than 1,500 staff.

Last month, it reopened the Tallaght Cross Hotel, which had been closed for over a decade. It announced 50 new jobs with the reopening.

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Animation Ireland, the trade body representing Ireland's animation studios, has announced the appointment of Ronan McCabe as its new chief executive, Ergo has learnt.

McCabe has plenty of industry experience he can draw upon. He spent more than 20 years as managing director at Double Z Enterprises, which produced the Podge and Rodge show that appeared on RTÉ.

McCabe is also a former chairperson of Screen Producers Ireland.

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New EU-backed free wifi to launch across six towns

Magnet Networks is to unveil free on-street wifi in six towns across Tipperary at the end of April - the first deployment in an EU-backed €3m nationwide public connectivity scheme.

The connectivity company has won the tender for Tipperary under the WiFi4EU initiative, which provides funding to local authorities for free wifi in public areas and the main centres of community life.

Tipperary Town, Nenagh, Roscrea, Clonmel, Thurles and Carrick-on-Suir will all benefit from high-speed wifi that provides locals and visitors with unlimited access to speeds of up to 100mbps across 60 access points.

Magnet has previously introduced free town wifi services but the Tipperary initiative is the first backed under the EU scheme with further rollouts expected.