FBD Hotels & Resorts has agreed a deal to buy the Grand Hotel in Malahide, Co Dublin for as much as €55 million.
The agreement will see the Dublin hotel become the seventh property in the company’s portfolio, FBD Hotels & Resorts (FBD H&R) said in a statement.
The Irish Times reported in October that FBD had been selected as preferred bidder for the business.
“The Grand Hotel in Malahide is an iconic hotel located in one of Ireland’s most unique settings,” FBD H&R chief executive David Kelly said.
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“We are honoured to be entrusted with the stewardship of this historic hotel, whose rich heritage and enduring legacy have made it a symbol of excellence in hospitality.”
The 203-bedroom Grand dates from 1835 when it was opened as the Malahide Hotel and later the Royal Hotel. It was renamed the Grand in the early 1900s.
[ FBD Hotels chosen as preferred bidder for Grand Hotel in MalahideOpens in new window ]
Matt Ryan took over the four-star hotel in 1974 and it has remained in the Ryan family since. It has expanded steadily in that time, adding a conference centre in 1982. The hotel employs about 200 people.
It is a popular destination, conference, and wedding venue, FBD H&R said. The Ryan family put the Grand up for sale last year along with its Marine Hotel in nearby Sutton. That hotel is not included in this deal.
The Grand is the latest high-profile hotel to change hands in recent months. Businessman Barry English has taken over the Mount Juliet resort in Kilkenny, which had been for sale for about €45 million, while an Irish-Australian group is said to be in the process of buying the Slieve Russell in Co Cavan. Archer Capital bought the Shelbourne Hotel for close to €300 million last year.
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“This transition marks an exciting new chapter for the hotel, offering new opportunities to be embraced and new dynamics for current and future customers to experience,” the Ryan family said in the same statement.
Property firm CBRE advised FBD H&R, JLL advised the Ryan family.
FBD Hotels & Resorts is part of PLL Property & Leisure, which is ultimately owned by Farmer Business Developments. It already owns The Heritage Hotel and Spa in Co Laois, the Castleknock Hotel in Dublin, the Faithlegg Hotel in Co Waterford and the Killashee Hotel and Spa in Co Kildare. It also controls the Sunset Beach Club and La Cala Resort in Spain’s Costa del Sol.
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