FBD Hotels & Resorts to sell Tower Hotel Waterford to Neville Hotels
FBDH&R investment strategy to consolidate portfolio of 4* hotels and resorts in Ireland and Spain
Proceeds from sale to be reinvested in the Group
Business as usual at the Tower Hotel, with no impact on existing employees, hotel bookings or events
FBD Hotels and Resorts (FBDH&R) is to sell the Tower Hotel Waterford to Neville Hotels.
An agreement to sell the hotel along with adjoining properties has been reached and is expected to conclude within the next 30 days. The proceeds of the sale will be re-invested in FBDH&R’s existing portfolio of 4* hotels and resorts in Ireland and Spain—the Castleknock Hotel in Dublin; Faithlegg House Hotel and Golf Resort in Waterford; La Cala Resort in Malaga, Spain; and Sunset Beach Club, also in Malaga, Spain.
It will be full business as usual at the Tower Hotel, with no impact on existing hotel bookings or events. The Tower Hotel employs 120 full-time staff, all of whom are unaffected by the sale.
David Kelly, CEO, FBD Hotels and Resorts, said:
“FBD Hotels and Resorts is enjoying a sustained period of growth. Our strategy is firmly focussed on developing our existing portfolio of 4* hotels and resorts in Ireland and Spain, as reflected in recent investment decisions. We are also accelerating our residential property development activity in our La Cala Resort in Spain, in conjunction with our JV partner, Taylor Wimpey Spain.”
“We recently announced expansion plans at our 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. We are confident that this approach will continue to generate excellent returns for our shareholders.
“The Tower Hotel has been a strong performer for us, delivering consistent returns over the period of our ownership. In that time the hotel has become a true hub of activity for Waterford city, hosting everything from weddings, conferences, birthday parties and concerts.
We would therefore like to thank all our colleagues at the Tower Hotel for their continued hard work and dedication, and all our customers, suppliers and neighbours in the community for their loyalty and custom over the years.
With Neville Hotels, we believe we have a buyer with the expertise and track record to bring the Tower Hotel and wider site to the next level, and we wish them all the best in what will be an exciting next chapter”
FBD Hotels & Resorts were advised by Waterford estate agent Des Purcell in the sale.
Wexford-based Neville Hotels, who already own the renowned Royal Marine in Dun Laoghaire and the Kilkenny River Court Hotel, have a long standing reputation for integrity, professionalism and excellence, in the hotel industry, coming from their hands-on approach and being actively involved in the day to day running of their hotels. Speaking at the announcement, Seamus Neville of The Neville Hotel Group, said:
“The Tower Hotel is the perfect fit for us in the South East. We chose the Tower Hotel for its reputation, location and team of loyal experienced staff. 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.”