A Dublin investor has paid €2.5 million – €1 million more than the guide price – for the Fairways Hotel and conference centre site as well as an adjoining development site of 5.8 hectares (14.5 acres) at Dublin Road, Dundalk, Co Louth.

The sale by Savills and Property Partners Laurence Gunne generated considerably more interest – and bidding – than expected. The hotel was developed in two phases, first in the 1960s and subsequently in 2000.

The original 33-bedroom hotel with function room and nightclub was accommodated in a three-storey, flat-roofed structure.

The second phase included a conference centre with six syndicated rooms, a large reception area and a three-storey accommodation block with 56 bedrooms.

The business was sold with planning permission for 49 townhouses in the grounds along with 44 apartments, a supermarket extending to 1,640sq m (17,653sq ft), two retail units, a bingo hall and a creche.

The planning permissions run until January 2018.