The Fitzpatrick Hotel Group has sold its Cork hotel, known locally as The Silver Springs, to the Moran Group, owners of the Red Cow Inn on the Naas Road, just outside Dublin.
The companies did not reveal how much was being paid for the hotel, which is being sold as a going concern, but it is thought to be around £18 million (€22.9 million). Ownership will be transferred on April 12th.
Fitzpatrick, which is retaining its hotels in Killiney, Co Dublin and Bunratty, Co Clare, said it was selling the Cork property so it could take advantage of a number of international development opportunities which had arisen.
The group said it had identified a number of locations in the United States and in Europe for its Fitzpatrick-branded boutique-style operation, which it sees as the way forward for the group.
The company currently owns two hotels in New York and operates a third there under licence.
The four-star, 110-bedroom Silver Springs was acquired by Fitzpatrick in 1987 and employs 130 people.
The leisure centre and golf course adjoining the hotel are being sold separately and are currently the subject of negotiations with a company in which there is a Fitzpatrick family involvement. The facilities will be sold as a going concern and will continue to be available to patrons of the hotel.
