Davy client buys Crystal

Davy has bought another hotel for one of its clients.

It paid €3 million for the 12-year-old Cavan Crystal Hotel in Cavan town which has 85 bedrooms, five conference rooms and a leisure centre with 500 members.

The hotel has consistently traded profitably in recent years.

It is one of the largest employers in Cavan and all 120 employees are to transfer across to the new ownership.

The business will continue to be run by Dalata, Ireland’s largest hotel operator with responsibility for 38 hotels.

Davy was acting for Strategic Capital Investments Plc (SCIP), the main Irish property vehicle of Austrian investor Thomas Roeggla, which also recently acquired the five-star Aghadoe Heights Hotel and Spa in Killarney for €6 million, number 10 Ormond Quay in Dublin 1, and a residential and commercial portfolio in Limerick city centre.

Davy manages its commercial property investments.