Irish property group FBD Hotels & Resorts has acquired the four-star Killashee Hotel in Co Kildare for €25 million.
The announcement, which was made on Monday, sees the group add a sixth hotel to its portfolio of luxury four-star hotels and resorts in Ireland and Spain.
Established in the early 2000s, Killashee Hotel is a 141-bedroom hotel with conference, wedding, spa and leisure facilities located 30km from Dublin city centre between Naas and Kilcullen.
The hotel is situated on about 55 acres of extensive grounds and was sold by Tetrarch Capital.
FBD Hotels & Resorts is owned by Farmer Business Developments, a farmer-owned investment company. It is not connected to FBD insurance.
Headquartered in Ireland, FBD Hotels & Resorts employs 900 people across its hotel and resort portfolio. The acquisition of Killashee will see a further 300 people join the group as the company maintains full employment at the Kildare property.
In addition to the Killashee Hotel, the company owns three four-star hotels in Ireland including Faithlegg in Waterford, the Heritage Hotel and Spa in Laois, and the Castleknock Hotel, Dublin.
The group’s portfolio also consists of two four-star resorts in Spain, Sunset Beach Club and La Cala on the Costa Del Sol.
The company also has an extensive landbank in La Cala, which it is developing partly via joint ventures with international construction company Taylor Wimpey.
The acquisition of Killashee hotel will bring the number of bedrooms in the group’s portfolio to 1,078.
Investment plans
FBD Hotels & Resorts chief executive David Kelly said: “We are delighted to announce the agreement to add Killashee Hotel to the FBD Hotels & Resorts portfolio. Killashee Hotel is a successful business with a long-standing reputation of excellence that aligns strongly with the ambitions and values of FBD Hotels & 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.”
Mr Kelly said the group has both short- and long-term investment plans for the hotel to include investments in the business, its infrastructure, and its staff.
“We are confident that these investments will allow us to build on the successful reputation of Killashee Hotel, while continuing to maintain the highest quality standards in hospitality going forward,” he said.
“Our overall performance continues to be positive. As a sector, the past two years have presented unique challenges but underpinned by a strong balance sheet, a committed team, and forward-focused ownership, we used the period well and are ready for the next phase of growth right across our portfolio.”
Tetrarch Capital principal Michael McElligott said the hotel would continue to proposer under new ownership.
“Following approximately eight years of ownership, we have agreed to sell Killashee Hotel to FBD Hotels & Resorts,” he said.
“Killashee Hotel is a landmark venue in my home county of Kildare. We have no doubt that the hotel will continue to prosper under its new owners.”
FBD Hotels & Resorts was advised on the transaction by Paul Collins and Dave Murray of CBRE. Tetrarch Capital was advised by Tom Barrett of Savills.
