General Manager at The Lough Erne Golf Resort, Andrew Phelan
FERMANAGH’S best-known hotel has finally been sold.
The Lough Erne Resort, w hich hosted last year’s G8 summit, has been sold to a US investment firm for a reported price of €10.5m.
The American firm Tralee Portfolio Management, an affiliate of the Saliba Family office led by US billionaire Tony Saliba, completed the purchase of the hotel on Friday and the deal ends a long period of uncertainty at the resort since it went into administration in 2011.
The resort had been on the market since September 2012 and is the only five-star resort in the North. Up until last week’s announcement the resort had been in the control of administrators KPMG. In a statement they confirmed the deal.
“Stuart Irwin and John Hansen of KPMG are delighted to confirm the sale of the Lough Erne Resort, County Fermanagh, to Lough Shore Road Ltd, a private hospitality company, led by US based investor Tralee Portfolio Management, an affiliate of the Saliba Family Office.
“The purchasers have a long and successful track record in the hospitality sector in the United States and other markets.
The resort, now firmly established as one of the premier golfing destinations in Western Europe, has been sold as a going concern following a competitive bidding process with interest from all over the world. We are delighted that the new owners will now provide stability and continued valuable employment at the resort whilst they develop exciting future plans for Lough Erne.”
Speaking to the Herald, general manager at the Lough Erne Resort, Andrew Phelan, explained that the deal has secured the long term future of the hotel.
“We’re absolutely thrilled. I think for an awful lot of the team, who have been here since the resort opened, it has been the end of a long journey and the starting of another chapter in the resort’s history, which everyone is really excited about.”
He continued: “It’s a brilliant deal, because it gives us a kind of definite road map forward and it takes away uncertainty and allows us to put plans in place to drive and take the resort to the next level.
The sale is also good news in terms of development at the resort, with works planned ahead of the 2017 Irish Open.
“With a view to business in the future and what’s planned to take place here we would be looking at investment in the product and the hotel, which would make sure that the fabric of the building is up at the level we want it to be at and also there is some spend on the outside both on the golf course and on the ground which we like to get donet.
“It gives clarity and we can focus on that event to deliver something we and Fermanagh will be very proud off, because to have the opportunity to be on the world stage for four days is brilliant. I wasn’t here, but certainly the effect of the G8 on the whole area has been phenomenal.”
He added: “I can’t emphasise how positive this is for everyone here and what a good news story it is . It really allows us to move very, very confidently into the next phase of life at Lough Erne Resort.”
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