Irish consortium buys 5-star hotel for over €20m

Kilkenny’s five-star Lyrath Hotel has just been sold for well over €20m to an Irish consortium of buyers who plan to invest further in the 170-acre resort investment, which was developed at a boom-time cost of €50m.

The new consortium of owners was represented by Conor Pyne of O’Connor Pyne & Co Accountants, who also advised the Chinese buyers of the €20m Fota Estate in Cork, three years ago. Lyrath is said to be very profitable, and the new investor owners will upgrade it further, to top five-star standards, said Mr Pyne, after a period being run as a going concern by receivers KPMG.

While not identifying the new owners individually, Mr Pyne said neither the Kang family nor other Chinese buyers are involved, and nor is Lyrath’s previous owner, Xavier McAuliffe. He said the consortium invested in other, smaller hotel opportunities, advised by O’Connor Pyne & Co, and they now see scope for further development and growing revenue and profitability even more in this high-calibre, south Leinster resort.