An unnamed buyer has bought the Aghadoe Heights hotel in Killarney, Co Kerry, for over €6 million from property developer Gerry O’Reilly.

The well-known five-star hotel was sold in an off-market deal to the new investors, who were represented by Davy.

Kirsty Rothwell of DTZ Sherry Fitzgerald handled the sale.

The business made a small profit last year.

While the 74-bed property’s owners did not say what price it attracted and did not name the buyer, it is understood that it went for €6 million.

The new owner is based in Europe.

General managers Pat and Marie Chawke said yesterday that the deal would not affect operations and that business would continue as usual.

According to a statement from the hotel, the deal followed a number of unsolicited approaches from both domestic and overseas parties.

Mr O’Reilly redeveloped the hotel after buying it in 1998, adding 20 rooms, 24 suites and a range of other facilities.