FBD Hotels & Resorts (FBDH&R) has agreed a €25m deal to buy the four-star Killashee Hotel in Co Kildare from Tetrarch Capital, making it the sixth hotel in its portfolio.
FBDH&R is owned by farmer-owned investment company Farmer Business Developments (FBD), the largest shareholder in insurer FBD Holdings, and the acquisition of the 141-bedroom hotel will see the property group add 300 people to its workforce.
FBDH&R currently employs 900 people across its portfolio of hotels and resorts, and the group will maintain full employment at the Killashee Hotel, which is located around 30km from Dublin.
Situated on approximately 44 acres of extensive grounds between Naas and Kilcullen, the Killashee Hotel was established in the early 2000s, and it has extensive conference, wedding, spa and leisure facilities.
"As we embark on this next step with Killashee Hotel, we are excited to work with the team to continuously improve the hotel’s services and offering. We have both short- term and long-term investment plans for the hotel to include investments in the business, its infrastructure, and its people," David Kelly, CEO of FBDH&R, said.
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“We are confident that these investments will allow us to build on the successful reputation of Killashee Hotel, while continuing to maintain the highest quality standards in hospitality going forward.
“Our overall performance continues to be positive. As a sector, the past two years have presented unique challenges but underpinned by a strong balance sheet, a committed team, and forward-focussed ownership, we used the period well and are ready for the next phase of growth right across our portfolio”, Kelly concluded.
FBDH&R owns three four-star hotels in Ireland, including Faithlegg Hotel, Waterford; the Heritage Hotel and Spa, Laois; and Castleknock Hotel, Dublin. The group’s portfolio also consists of two four-star resorts in Spain, Sunset Beach Club and La Cala Resort on the Costa Del Sol.
The acquisition of Killashee hotel will bring the number of hotel rooms in the group’s portfolio to 1,078. FBDH&R also has an extensive landbank in La Cala, Spain, which it is developing partly via joint ventures with construction company Taylor Wimpey.
FBDH&R was advised on the transaction by Paul Collins and Dave Murray of CBRE. Tetrarch Capital was advised by Tom Barrett of Savills.
Tetrarch principal Michael McElligott said the former owners had enjoyed working with the management and staff at the hotel during their eight years in charge.
"We have no doubt that the hotel will continue to prosper under its new owners, and we would like to wish FBD Hotels & Resorts the very best with their future plans for the hotel," McElligott added.
