Irish investment group Tetrarch Capital has acquired the the 99-room Clonmel Park Hotel in Tipperary, Ireland, The Irish Times reports. The former Brennan group hotel had been placed into receivership by AIB. The final sale price was not disclosed.
“The consideration was not significant. It’s not a particularly profitable hotel but we think we can make some changes to it,” said Michael McElligott, chief executive of Tetrarch.
McElligott added that Tetrarch is in talks with UK chain Z Hotels about bringing it to Dublin.
“It’s a superb business,” McElligott said. “They fit about two and a half times the number of bedrooms that you would get with your typical budget hotel and they don’t have significant food and beverage operations. We would love to bring them to Dublin and I think we will bring them to Dublin. They’re very keen.”
Tetrarch is “actively looking” at adding another hostel or budget hotel in Dublin to its €450 million portfolio, he said. The Powerscourt hotel in Enniskerry, formerly a Ritz-Carlton, is also in Tetrarch's portfolio.