Barrett now king of Ashford Castle

Property developer and hotelier Gerry Barrett has completed the €50 million acquisition of the upmarket Ashford Castle Hotel in Cong, Co Mayo.

The 85-bed, five-star hotel has played host to a diverse range of guests, including Tony Blair, former United States president Ronald Reagan and his wife, Nancy, and actors Bob Hope, Pierce Brosnan and Brad Pitt.

Mr Barrett's Edward Holdings has acquired the prestigious property from a consortium of about 45 Irish-American businesspeople which includes the family of Sir Anthony O'Reilly, philanthropist Chuck Feeney, Pittsburgh Steelers owner Dan Rooney and Prescott Bush, an uncle of the current US president.

The Galway man will take possession of the 350-acre estate in March. It will be operated by Monogram Hotels, which runs three of Barrett's other hotel interests - the G in Galway, the D in Drogheda and the Meyrick in Eyre Square in Galway city.

Ashford Castle has 150 full-time staff, who will be retained when the change of ownership is completed. "It is our intention that business will continue as usual," Edward Holdings said in a statement.

Ashford Castle is more than 700 years old. It was in the possession of the Guinness family from 1852 until 1939, when it was acquired by Noel Huggard. He was the first to establish a hotel on the property.

Director John Ford filmed The Quiet Man nearby in 1951 and many of the film's stars stayed there, including John Wayne and Maureen O'Hara.

The hotel was acquired in 1970 by John A. Mulcahy, who doubled its size, built a golf course and developed the grounds. The property, which overlooks Lough Corrib, was sold in 1985 to the Irish-American consortium for a reported $7 million (€4.9 million).