Tetrarch Capital mulling sale of Killashee Hotel in Co Kildare

Investor Tetrarch Capital is mulling the sale of Killashee Hotel in Co Kildare, one of the company's higher profile properties.

Tetrarch, run by Michael McElligott and James Byrne, owns hotels and offices mainly close to Dublin. The company is understood to be considering the sale of the well-known 140-bedroom four-star property close to Naas, Co Kildare.

Tetrarch has not commented on the move, but local sources say that a possible sale has been on the cards for some time.

Along with Mount Juliet in Thomastown, Co Kilkenny and Citywest in Saggart, Co Dublin, the Killashee is one of several well-known hotels that Tetrarch owns.

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The property business also owns Millennium Park Lands, an industrial estate in Osberstown, Naas, where tenants include Irish food group Kerry.

Early stage

Speculation has linked several buyers to a deal for the Killashee. However, the process is understood to be at an early stage, with the prospect of a sale some time away.

Tetrarch bought the Killashee in 2014 for €13 million from its owner Craigfort Taverns, which was under court protection from creditors at the time. The deal was part of a rescue plan put together by an examiner appointed by the courts to help Craigfort get back on its feet.

Craigfort's parent, Faxhill Homes, controlled by Kildare builder Jack Tierney, was in receivership. However, Craigfort, which included Lawlors Hotel, also in Naas, was rescued as its businesses were shown to have viable futures.

The Killashee is a popular wedding venue as well as drawing guests from local businesses, Punchestown racecourse and the bloodstock industry. The 19-century manor previously served as a boarding school.

Tetrarch is building “aparthotels” – serviced apartment buildings that offer short-term stays with hotel-style bookings – and a budget hotel in Dublin city centre.

The business owns offices on the capital’s northside, several of which it rents to State bodies, including the Garda Ombudsman.