Naas, Ireland-based FBD Hotels & Resorts, a division of farmer-owned investment company Farmer Business Developments PLC, has acquired the 202-room Grand Hotel, Malahide, for €55 million ($56.6 million).
The hotel, located on the Irish Sea coast just north of Dublin, opened in 1835.
The seller is family office Ryan Family, which has owned the hotel since 1974. In a news release about the sale, the family said the “buyer’s vision and values align with the legacy we have carefully nurtured.” The deal now goes for approval to Ireland’s Competition & Consumer Protection Commission.
The Grand Hotel, Malahide will be FBD’s seventh hotel property and will increase its room count to approximately 1,387.
Of its other six hotels, four are in Ireland — the Faithlegg Hotel in County Waterford; the Heritage Hotel & Spa in County Laois; the Castleknock Hotel in County Dublin; and the Killashee Hotel in County Kildare, which also contains Naas. The remaining two are in Spain — the Sunset Beach Club, Benalmádena, near Málaga, and La Cala Resort, Mijas, also close to Málaga.
Dublin has seen notable hotels investment in the last 12 months. In March, Archer Hotel Capital bought of the 265-room Shelbourne Hotel for $281 million, or just over $1 million per room. In November, Dublin-based Dalata Hotel Group bought the 229-room Radisson Hotel Dublin Airport for €83 million.
In its release, FBD said it planned to renovate all the hotel guestrooms, as well as its bar and dining outlets, conference spaces and wedding amenities.