Fota buy first of many?

The Thai-Chinese billionaire who is buying the 500-acre Fota Resort for more than €20m is likely to make further Irish investments — and spend heavily on Fota, guaranteeing its future and jobs.

The Fota deal, wrapping up on behalf of Nama, is Munster’s largest investment purchase, and comes hot on the heels of Dublin’s Burlington Hotel’s €67m purchase by overseas buyers Blackstone a week ago.

At least half a dozen serious international bids (at least two from Asia, and one local consortium) were made on the Munster jewel Fota, to receivers PwC, agents Maurice Cohalan, of Cohalan Downing, and Marcus Magnier, of Colliers International (who’ve a Hong Kong office.) It culminated in a ‘best and final offers’ request in autumn, with due diligence carried out.