FBD Hotels & Resorts has reached an agreement to acquire Killashee Hotel in Co Kildare from Tetrarch Capital for a sum of €25m.

The rumour was circulated last December that FBD was to finalise a purchase in February or March of this year.

The announcement to confirm the purchase, which was made on Monday 14 February, will see the group add a sixth hotel to its portfolio.

FBD already owns Faithlegg in Waterford, Castleknock Hotel, The Heritage and Killenard. It also owns La Cala and Sunset resorts in the south of Spain.

The acquisition of Killashee Hotel will bring the number of hotel rooms that the group owns to 1,078.

'Strategic fit'

CEO of FBD Hotels & Resorts David Kelly said: "We are confident that this hotel is a strong strategic fit for our group, offering solid fundamentals in terms of team, location, brand and historical performance."

He added that the group has both short-term and long-term investment plans for the hotel, including investments in the business, its infrastructure and its people.

Kelly said that despite the challenges COVID-19 brought to the hotel industry, the group is "ready for the next phase of growth right across our portfolio".

Commenting on the announcement, principal of Tetrarch Capital Michael McElligott said: “Following approximately eight years of ownership, we have agreed to sell Killashee Hotel to FBD Hotels & Resorts. Killashee Hotel is a landmark venue in my home county of Kildare."

McElligott added: "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.”

About Killashee

Established in the early 2000s, Killashee Hotel is a 141-bedroom hotel with extensive conference, wedding, spa and leisure facilities on the outskirts of Naas, Co Kildare.

The hotel is situated on approximately 55 acres of extensive grounds and is being sold by Tetrarch Capital, which has owned the hotel for the last eight years.

About FBD Hotels & Resorts

FBD Hotels & Resorts is owned by farmer-owned investment company, Farmer Business Developments Plc, headquartered in Ireland.

The group employs 900 people across its hotel and resort portfolio. The acquisition of Killashee Hotel will see a further 300 people join the group, as the company maintains full employment at the Kildare hotel.

FBD Hotels & Resorts was advised on the transaction by Paul Collins and Dave Murray of CBRE. Tetrarch Capital was advised by Tom Barrett of Savills.