iNua expandeds its portfolio with €7.25m purchase of Hibernian Hotel Kilkenny
iNua Hospitality has expanded its hotel portfolio with the €7.25m purchase of the four-star Hibernian Hotel in Kilkenny
The deal boosts iNua’s asset portfolio to four properties, following its purchases of the Radisson Blu hotels in Cork and Limerick in 2014 and the acquisition of the Muckross Park Hotel in Killarney at the turn of the year.
The Hibernian Hotel has consistently generated high profitability and iNua now plans to refurbish the 46-room property.
“This was a unique opportunity to acquire an unrivalled boutique and profitable hotel at an attractive price,” chief executive Noel Creedon said yesterday.
“The purchase is consistent with iNua Hospitality’s strategy in investing in well-located, four and five-star profitable hotels.”
The Hibernian Hotel is a well-established hotel, centrally located in the historic heart of one of Ireland’s main tourist destinations. Mr Creedon said that the hotel provides strong year-round trade.
The company said earlier this year that it had approximately €20m to spend on hotels in the 2015 period. This deal would still leave the bulk of it unspent and iNua is open to making more acquisitions, without the need for additional financing.
However, a spokesperson said yesterday that, given the policy of only looking at assets outside of the Dublin market, current further investment opportunities are relatively “few and far between”.
