Glen Dimplex’s Fergal Naughton buys into Park Hotel

Brennan family retains majority control of five-star hotel in Kenmare

Francis Brennan, The Park Hotel, Kenmare: ‘There are no losers in this deal.’ File photograph: Brenda Fitzsimons/The Irish Times

Francis Brennan, The Park Hotel, Kenmare: ‘There are no losers in this deal.’ File photograph: Brenda Fitzsimons/The Irish Times

 

Glen Dimplex boss Fergal Naughton has acquired a “substantial minority holding” in Kenmare’s Park Hotel.

Hotelier Francis Brennan, who had owned the five-star hotel outright since 1986, retains majority control with his brother John, who has also acquired a stake in the business.

In an interview Friday, John Brennan said the investment would allow the Park Hotel to re-invest to remain in the top echelon of the five star hotel market in Ireland.

Mr Brennan said the deal also eliminates the hotel’s bank debt arising from a development of 18 luxury apartments built at the height of the boom in 2008. Ten of the apartments remain unsold.

Mr Brennan said: “There are no losers in this deal.”

Business at the hotel is strong with Mr Brennan saying it had hosted 16,000 people last year, up from a longer term average of 12,000.

New accounts show that the Park Hotel recorded profits of €211,155 in 2015 and had accumulated profits of €2.23 million at year end. Mr Brennan said trading in 2016 had been stronger than in 2015.

The hotel’s loans at the end of 2015 totalled €5.3 million.