The four-star Fitzwilton Hotel in Waterford city has been bought out of receivership by a property fund launched by an Austrian investor Thomas Roeggla.
Strategic Capital Investment Fund plc, managed by Davy, has paid just more than €3.2 million for the modern 90-bedroom hotel, which first opened in 2006 and has been consistently profitable in recent years.
All of the employees have transferred across to the new owner who has firm plans to develop the business over the coming years. This is the fund’s fifth Irish commercial property investment over recent months, having acquired the Aghadoe Heights Hotel in Killarney from property developer Jerry O’Reilly for €6 million.
It also paid €2.8 million for a Georgian mansion at 10 Ormond Quay in Dublin's north inner city, which specialised in corporate entertainment, private parties and small exclusive weddings. Other purchases included the Cavan Crystal Hotel and a portfolio of residential and commercial properties in Limerick.
The fund is currently in negotiations to acquire a number of other commercial property investments.