Gal­way Radis­son Blu sold for €50m

The Irish Times - Business - - NEWS - CHAR­LIE TAYLOR

A part­ner­ship in­volv­ing the op­er­a­tor of the Westin and Intercontinental in Dublin, and one of the original own­ers of the four-star Radis­son Blu in Gal­way, have ac­quired the ho­tel for an undis­closed sum.

While no fi­nan­cial de­tails have been dis­closed, the deal in­volv­ing the MHL Ho­tel Col­lec­tion and hote­lier and de­vel­oper Jerry O’Reilly, is es­ti­mated to be worth in or around €50 mil­lion.

This would make it the largest ho­tel deal of the year-to-date out­side of Dublin. The buyer of the Car­ton House golf re­sort, near Maynooth in Co Kil­dare, has yet to be re­vealed al­though it is on the market for a re­puted €60 mil­lion.

MHL Ho­tel Col­lec­tion owns a num­ber of ho­tels in the cap­i­tal in­clud­ing The Westin, The Intercontinental, The Trin­ity City, The Spencer, The Mor­gan, The Bea­con, The Hil­ton Dublin City and the Limerick Strand. In Gal­way, the Har­bour Ho­tel and Glenlo Abbey Ho­tel & Golf Re­sort op­er­ate as sis­ter ho­tels. Mr O’Reilly has been a joint owner of the Radis­son Blu since it first opened in 2001.

One of Ire­land’s largest ho­tels, the Radis­son Blu, which was built by de­vel­oper Bernard McNa­mara, has 261 rooms and suites, a ther­mal spa and ex­ten­sive leisure and con­fer­ence fa­cil­i­ties.

The National As­set Man­age­ment Agency (Nama) placed a large €600 mil­lion port­fo­lio of loans on the market, which in­cluded the Radis­son Blu, ear­lier this year.

Un­der the terms of the cur­rent man­age­ment agree­ment, the ex­ist­ing op­er­a­tor Rezi­dor will con­tinue to man­age the ho­tel.

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