The Slieve Russell Hotel Golf & Country Club in Cavan, Ireland, has been sold by the liquidators of the Irish Bank Resolution Corporation to an Australian investor with roots in the town for €30m (£25m).
Brady Hotels Ireland, a subsidiary of Australian construction company Brady Group, has acquired the 300-acre site, which first opened in 1990 and comprises 224 bedrooms spanning more than 296,007 sq ft and an 18-hole PGA Championship golf course.
Under the management of the Irish Bank since 2011, the resort has maintained profitability, with approximately £6.2m invested in its upgrades.
Tony Brady of Brady Hotels Ireland, who was born in Cavan, said: “It is a real honour to be the successful purchaser of this beautiful property. It has an outstanding golf course and a lovely hotel. 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. Slieve Russell employs hundreds of people locally, both full and part time, and is an important part of the community”.
Paul Collins, head of CBRE’s hotels team in Ireland, which advised the seller, said: “We had considerable interest from both domestic and international investors and while the ultimate buyer is an Australian company, they have extremely strong Cavan connections.”
Image © CBRE
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