News & Events

04/12/2018

FBD Hotels and Resorts expands hotel group with acquisition of The Heritage Hotel and Spa

Situated in Killenard, Co Laois just one hour from Dublin, The Heritage Hotel & Spa employs 38 full-time and 108 part-time staff.  Facilities include 85 well appointed guestrooms, 13 luxury suites, a tranquil health club and spa, and an extensive wedding, conference and banqueting centre.
The property overlooks the renowned Seve Ballesteros-designed championship golf course, comprising 7,345-yards of green and a variety of tees to suit golfers of all standards. 
The hotel has been maintained to the highest standards since its construction in 2004.  It was put on the market in April of this year by CBRE, with a guide price in excess of €9m.
 
Commenting on the purchase today 4th December 2018,  CEO of FBD Hotels & Resorts, David Kelly said:  “We are delighted to add the Heritage Hotel and Spa to our collection.  “Located in the heart of Ireland’s Midlands just one hour from Dublin, The Heritage Hotel and Spa, Killenard is a successful and well-performing business. The hotel has a longstanding reputation of excellence, maintaining the highest quality standards in hospitality, food service and conferencing facilities since it first opened in 2004.  
 
Leveraging the expertise of our innovative team of hoteliers, marketing and ecommerce experts, we will identify areas of improvement and opportunity for The Heritage Hotel and Spa and invest in continuously improving the hotel’s future offering. It is an excellent addition to our existing portfolio of hotels and property.  “We look forward to working with The Heritage Hotel and Spa team to further enhance its position of quality and excellence.”  John Hughes at CBRE Hotels, who brokered the transaction, confirmed:  “The sale of the Heritage Hotel & Spa generated strong interest from Irish and international buyers. The hotel was sold on behalf of a US-based investor who purchased the hotel in 2014.”  FBD Hotels & Resorts  Headquartered in Ireland, FBDH&R employs 625 people across its hotel and resort portfolio.  In addition to The Heritage Hotel and Spa, the company owns two four-star hotels in Ireland including Faithlegg Hotel, Waterford and Castleknock Hotel, Dublin, and two four-star resorts in Spain, including Sunset Beach Club and La Cala Resort in Costa Del Sol.  The company also has an extensive landbank in La Cala, Spain, which it is developing partly via joint ventures with international construction company Taylor Wimpey Plc., consisting of 650 units with gross sales value of €250m.  FBDH&R is solely owned by Farmer Business Developments following the acquisition of FBD Holdings plc’s 50% share in October 2015. Performance  The company recently reported a strong financial performance in 2017, recording pre-tax profits of €21.9m, taking account of property valuation uplifts of €16.6m. Revenues across the group increased from €51m in 2016 to €53.6m in 2017. The group’s Irish hotels accounted for €15.8m of revenues with the hotels in Spain generating €37.8m.  It is understood that The Heritage Hotel and Spa was purchased for a price in the region of €9m.  ENDS For information:  Nicola Forde, PR360 – 00353 (0) 1 637 1777 | 00353 (0) 87 20 555 41 | nicola@pr360.ie   Dan Pender, PR360 – 00353 (0) 1 637 1777 | 00353 (0) 87 231 3415 | dan@pr360.ie