Cork-based iNua Hospitality purchased the Muckross Park Hotel, which had been in receivership, for a reported €7m.
It was previously owned by celebrity couple Bill Cullen and Jackie Lavin.
iNua managing director Noel Creedon, speaking at a reception to announce details of the takeover, said they planned to refurbish 17, two-bedroom apartments which would increase the bedroom capacity in the complex to 105 rooms.
Sean O’Driscoll, re-appointed as general manager, said the hotel was originally opened by the Herbert family, owners of the Muckross Estate in 1795, and was this year celebrating its 220th anniversary in the hospitality business.
Turnover at the hotel had grown 100% in the past three years and the workforce increased from 70 employees to 126.
The attendance included Killarney mayor John Joe Culloty, president of Killarney Chamber of Tourism and Commerce, Kate O’Leary, along with the Bishop of Kerry Dr Ray Browne.
Old newspapers, referred to at the event, resonated with days long ago when the then owner of the Muckross Park Hotel advertised his business in the Cork Examiner, on August 26, 1850.
Michael O’Sullivan had told all and sundry that, having elegantly fitted up his establishment in Muckross, he “respectfully solicits” the patronage of tourists who, in such depressed times, would find “cheapness and comfort combined”.