The family-owned Fitzpatrick Hotels group is being divided up between chairman Mr Paddy Fitzpatrick and his three children, John, Paul and Eithna, in a restructuring that also involves the repurchase of the 40 per cent stake held by venture capital group ACT.

Paddy and John Fitzpatrick are to take majority control of the group's US hotels.

Paul Fitzpatrick has taken sole ownership of the Fitzpatrick Bunratty Hotel, Clare, and has bought the Morgan Hotel in Dublin's Temple Bar as the first step towards creating a chain of "design hotels". Paddy Fitzpatrick and daughter Eithna will keep majority control of the Fitzpatrick Castle Hotel in Killiney.