Glen Dimplex boss Fergal Naughton has acquired a "substantial minority holding" in Kenmare's Park Hotel.
Hotelier Francis Brennan, who had owned the five-star hotel outright since 1986, retains majority control with his brother John, who has also acquired a stake in the business.
In an interview Friday, John Brennan said the investment would allow the Park Hotel to re-invest to remain in the top echelon of the five star hotel market in Ireland.
Mr Brennan said the deal also eliminates the hotel’s bank debt arising from a development of 18 luxury apartments built at the height of the boom in 2008. Ten of the apartments remain unsold.
Mr Brennan said: “There are no losers in this deal.”
Business at the hotel is strong with Mr Brennan saying it had hosted 16,000 people last year, up from a longer term average of 12,000.
New accounts show that the Park Hotel recorded profits of €211,155 in 2015 and had accumulated profits of €2.23 million at year end. Mr Brennan said trading in 2016 had been stronger than in 2015.
The hotel’s loans at the end of 2015 totalled €5.3 million.
