Hotel owner and manager iNua Hospitality raised €40 million to fund its five-year growth strategy, according to a report from the Independent.
Seventy percent of iNua Hospitality's original investors reinvested in the hotel company. These include Earlsfort Capital Partners and Irish-based Blackbee Investments.
iNua has planned to expand its company by focusing on shifting to a single hotel group, improving revenue and performance, adding properties and making investments that return value to their investors. Earslfort Capital Partners' debt perspective funded the hotel group's consolidation while Blackbee Investments provided the equity.
"iNua Hospitality is positioned for further growth across our current portfolio and for new opportunities as part of the next phase of our development," Noel Creedon, founder and CEO of iNua Hospitality, told the Independent. "We remain focused on continuing to invest in our existing portfolio and our people, as well as making further strategic investments and returning value to our investors."
The hotel group has also invested more than €10 million in capital expenditure to improve its existing hotels over the past four years. iNua acquired new properties during this time.
The group's current €90-million portfolio has seven hotels with 760 guestrooms across Ireland, including the Muckross Park Hotel in Killarney, Co Kerry, the Hibernian Hotel Kilkenny, the Hillgrove Hotel, Leisure & Spa, Monaghan and the Radisson Blu hotels in Cork, Limerick, Athlone and Sligo.
iNua purchased the Muckross Park Hotel in 2015 in a €6-million deal with Irish businessman Bill Cullen and his partner Jackie Lavin. The hotel group’s most recent buy was the Radisson Blu Hotel & Spa, Sligo in April 2018 in a €15- to €16-million sale, according to the Independent.