FBD Hotels eyes more deals after €9m buy of Heritage Hotel and Spa in Laois
FBD Hotels and Resorts is eyeing further luxury hotel deals after acquiring the Heritage Hotel and Spa in Co Laois for approximately €9m.
The company — owned outright by investment holding company Farmer Business Developments — said the acquisition is part of its “clear plan” to grow its portfolio of luxury four and five star hotels and resorts.
It currently owns four four-star hotels, including Faithlegg Hotel in Waterford and Castleknock Hotel in Dublin — in Ireland and Spain. The Heritage — acquired from US-based investors Adrian Carmack and Robert Wright, who bought it in 2014, is the first five-star premises it has owned.
It is understood the Heritage — which was built in 2004 and put on the market in April — generated strong interest from Irish and international buyers.
The property overlooks the adjacent championship golf course designed by late Spanish golfer Seve Ballesteros.
FBD Hotels and Resorts recently reported a strong financial performance for 2017, showing pre-tax profits of €21.9m and a 5% rise in revenue to €53.6m.
Its Irish hotels accounted for nearly €16m of revenue, with the Spanish properties contributing nearly €38m.
The company also has an extensive landbank in La Cala, on Spain’s Costa del Sol, where it is currently developing a 650-unit residential property project with UK housebuilder Taylor Wimpey.
Meanwhile, hotel management firm Prem Group has acquired a “significant” equity stake in Dublin-based revenue/rate management software provider Rate Wise.
Rate Wise plans to grow its client base and double the number of properties using its software over the next 12 months.
The company sees growth potential for the software in Northern Europe, particularly where the company is already well-established through its procurement business Trinity Purchasing.
“Clients are seeing significant growth in revenue as a direct impact from using the toolkit,” said Rate Wise business manager Heather Wiktorski.
