Property investment firm Brehon Capital has agreed to buy the Citywest Hotel, the largest in Ireland, for a reported €29m.
The Saggart, Co. Dublin based hotel comprises of 798 bedrooms and at one point was believed to be worth in excess of €100m. In 2010 the property was acquired by Bank of Scotland (Ireland), who appointed Martin Ferris as receiver.
The hotel was developed by the late Jim Mansfield, who passed away earlier this year. Additional facilities include large conference facilities, a golf course and car parking for up to 2,500 cars.
The deal secures the future employment of 380 staff and will continue to be operated by Dalata until at least January 2015.
“We have done an interim agreement with Brehon that we will manage the property until January of next year. During that period we will review what our relationship might be going forward,” said Pat McCann of Dalata.
Brehon Capital has recently purchased a number of Irish hotels, including the Powerscourt Hotel in Enniskerry and the Mount Juliet resort in Kilkenny. Paul Connolly, a financier and business associate of Denis O’Brien, was recently appointed as chairman.