Cork’s Castlemartyr Resort has been purchased by the owners of the five-star Sheen Falls Lodge in Kenmare, Co Kerry.
Castlemartyr Resort is the third Irish hotel acquired by Singapore-based Dubliners Dr Stanley Quek and Peng Loh. The purchase price is not being disclosed by the purchaser or vendor but is understood to be in the region of €20m.
The Castlemartyr Resort had been acquired for close to €14m in 2015 by British businessman and hotelier Martin Shaw.
Included in the purchase of Castlemartyr Resort and within the grounds are 38 self-catering cottages and lodges, a mix of two and three-bedroom properties which are popular with families and golfers.
Set on 220-acres in East Cork and centred on a historic 17th-century manor house.
Developed by the Supple family, Castlemartyr opened in 2007/08 as a luxury 109-bedroom property. It currently employs 250 full and part-time staff in high season.
High profile guests have included former US president Bill Clinton, rocker Bruce Springsteen and celebrity couple Kanye West and Kim Kardashian, who stayed there on the Irish leg of their honeymoon.
The new owners are now planning a major investment programme to refurbish the common areas, bedrooms and grounds starting with the Manor House. The refurbishment will be influenced by the same design philosophy of Sheen Falls Lodge and Trinity Townhouse in Dublin mixing architectural elements with modern detailing.
“We are very excited to be the new owners of Castlemartyr Resort. This is a very significant purchase for us and demonstrates our commitment and confidence in the Irish hospitality market," Dr Stanley Quek said.
"It is a beautiful country property, rich in history, and is an important employer and amenity in the local area.”
Peng Loh said they have been actively seeking opportunities to add Irish hotels to their portfolio over the past five years.
"Castlemartyr is a wonderful addition. It is an easily accessible hotel for the domestic and international market, with much charm and many attractions. We look forward to ensuring the continued success of the hotel."