Killashee House Hotel sold for €13 million

Brehon Capital Partners and Midwest Holding have acquired Killashee House Hotel for € 13 million.

Killashee House, a 141 bedroom four star hotel and spa set in extensive mature gardens and parkland near Naas, Co.Kildare, was owned by Craigfort Taverns, which applied for examinership in May. Craigfort's parent company is Faxhill Homes, which is controlled by the Kildare builder Jack Tierney. Nama appointed a receiver to Faxhill in June.

Under a scheme of arrangement approved in the High Court today, the new owners will take over the hotel as a going concern effective from midday on August 21st, retaining over 180 staff currently working at the hotel.

Michael McElligott, director of Brehon Capital Partners said: “We are delighted to be the new owners of this fabulous property and plan to invest in growing a business that is trading very strongly. With over 160 weddings hosted at Killashee in 2013 it is a clear destination of choice for couples looking for a special location close to Dublin.”

Mr McElligott said that Brehon will “ continue to seek out investment opportunities across the office, hotel and multi-family segments of the market.”

It is the fifth hotel aquisition that the Dublin based real estate private equity firm has made, with other purchases including The Marker Hotel and Residences, The Powerscourt Hotel, the Ulysses Portfolio and Mount Juliet.

Brehon has been involved in large-scale commercial and residential real estate investments focused on the Irish market, and has over € 400m in assets under management.