The Clonmel Park Hotel in Tipperary has been acquired from Tetrarch by The Talbot Collection, bringing Talobot's portfolio of hotels to eight.
The other seven hotels are situated in Cork, Carlow, Wexford, and Dublin.
The full complement of 120 staff will continue to be employed, and the new owners say they will honour all existing bookings for stays and events.
Talbot Collection managing director Philip Gavin said: “We have long admired this hotel, not only for its fantastic location but also its commitment to delivering exceptional service to its customers. We have been working alongside Tetrarch and CBRE to make the transition as smooth as possible.”
The Talbot Collection is owned by Wexford family firm Pettit Group.
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Group managing director Cormac Pettit stated: “This is a major acquisition for us. Our team prides itself on delivering a four-star hospitality experience and we are very excited about doing this in Clonmel for many years to come.”
The Clonmel Park Hotel has 99 bedrooms, bar, restaurant, leisure centre, spa, and conference and banqueting facilities. It will be renamed the Talbot Hotel Clonmel.
The Clonmel Park Hotel was operated by Tetrarch through Clonmel Hospitality Ltd.
Turnover in 2020 declined from €3.1m to €2.2m due to Covid restrictions, and the operating loss was €190,000 compared with a profit of €220,000 the year before. The company availed of €310,00 in government grant aid, as average headcount was reduced from 102 to 52 people.
Bank debt was €4.7m at period end, with loan interest pegged at 6.75%. Fixed assets had an estimated book value of €6.2m in December 2020, according to filed accounts.
