The Slieve Russell Hotel, the one-time jewel in former billionaire Sean Quinn’s business empire, has been sold to an Australian-based developer from Co Cavan for an estimated €30 million.
CBRE confirmed the sale of the hotel and golf and country club to Brady Hotels Ireland on Tuesday. Terms of the sale were not disclosed. The property had been on the market with a price tag of about €35 million, but industry sources have suggested the deal was done for about €30 million.
The much-anticipated sale of the four-star Cavan venue was conducted by CBRE on behalf of the liquidators of IBRC, Kieran Wallace and Eamonn Richardson of Interpath Advisory.
The Slieve Russell, which opened in 1990, comprises 224 bedrooms and extensive banqueting and leisure facilities, with an 18-hole golf course and nine-hole academy course set on 300 acres on the outskirts of Ballyconnell.
The hotel has undergone capital investment of €7.5 million since 2019.
Paul Collins, head of CBRE’s hotel division, said: “This is a rare opportunity to acquire one of Irelands best known and highly profitable resort hotels. The scale of ongoing investment in the hotel’s facilities and its growing business will appeal to the national and international investment market.”
Tony Brady of Brady Hotels Ireland said it was “a real honour to be the successful purchaser of this beautiful property”.
“It has an outstanding golf course and a lovely hotel,” he said. “The golf course has got PGA national status, the only such golf course in Ireland and one of only a limited number of PGA courses in the world.
“I have also been really impressed with the staff and in particular the general manager Tony Walker and Orla Murphy, who is head of HR.
“The Slieve Russell will continue to be run by a local team who are doing an excellent job. Slieve Russell employs hundreds of people locally, both full and part time, and is an important part of the community.”
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