iNua hotels to expand after raising €97m
Private individuals poured close to €20m into the €97m refinancing of regional hotel group iNua Hospitality, according to Cork-based investment firm Blackbee.
David O'Shea of Blackbee, said that the firm had raised €39m in equity with about half coming from Irish pension funds and half from wealthy individuals.
There was a minimum investment of €25,000 required, according to Blackbee documentation.
The debt of €58m was provided by Earlsfort Capital, an alternative capital provider and iNua is expected embark on an expansion strategy.
The investment provides exposure for investors to a portfolio of seven hotels, including Muckross Park, Killarney; Kilkenny Hibernian; Monaghan Hillgrove; and four Radisson Hotels in Athlone, Cork, Limerick, and Sligo.
The investment marketed by Blackbee was in the form of an unsecured note with a target return of 75pc at maturity in 2023.
Investors will enjoy 80pc of the uplift in value at maturity, with the remaining 20pc retained by iNua plc. Blackbee's directors include former Ulster Bank chief economist Pat McArdle
The hotel group is part of the iNua Partnership which also owns the Ditchley healthcare investment vehicle.
Sunday Indo Business