Ireland's FBD Hotels & Resorts is selling the Tower Hotel in Waterford to Wexford-based Neville Hotels. The proceeds of the sale will reportedly be reinvested into the company's current hotel portfolio throughout Ireland and Spain. The sale is expected to close within the next month, and will not affect business at the hotel itself. FBD Hotels & Resorts was advised by Waterford estate agent Des Purcell in the sale.
Over the last year, FBD's earnings before interest, tax and write-offs grew by 48 percent to €9.2 million. The company's investment strategy is to consolidate its current portfolio of four-star hotels, including the Castleknock Hotel & Country Club, the 66-guestroom Faithlegg House Hotel & Golf Resort in Waterford, as well as its two Spanish properties of La Cala Resort and Sunset Beach Club.
Once this sale is completed, FBD will focus on accelerating its residential property development activity at the La Cala Resort in Spain, in conjunction with its JV partner, Taylor Wimpey Spain. It also recently announced expansion plans at the Castleknock Hotel in Dublin. "Some of the capital generated through the Tower Hotel sale will be re-invested in these new developments, alongside further advances at our Faithlegg and Sunset Beach Club interests," David Kelly, CEO of FBD Hotels & Resorts, said in a statement.
Neville Hotels already owns the Royal Marine in Dun Laoghaire and the Kilkenny River Court Hotel. “The Tower Hotel is the perfect fit for us in the South East," Seamus Neville of The Neville Hotel Group said. "We are very much looking forward to working with our new colleagues in the Tower Hotel and building on the hotel’s success and helping it to deliver on its full potential, in conjunction with developing and enhancing the adjoining properties.”