Receivers appointed to the Clare Inn Hotel have confirmed that the hotel has been sold to Dromoland Castle for €2.1m.
The 183-bed hotel had originally been part of the Lynch Hotel Group but has been in receivership since January 2011.
The three-star hotel property adjoins the 410-acre Dromoland Castle estate, who had originally owned the property before it was purchased by the Lynch group in 1987.
It is understood the owners of Dromoland had wished to reunite the two properties and run them under one operational team.
The purchase of the property secures the 150 full-time and part-time jobs at the hotel.
The hotel is located on a 21-acre site on the M18 motorway between Galway and Limerick.
It is believed the new owners plan to spend up to €500,000 refurbishing the Clare Inn property, which has conference facilities to cater for up to 450 people, as well as extensive leisure and car parking facilities.
Tom Barrett, Head of Hotels and Leisure at Savills, which handled the marketing campaign for the sale of the Clare Inn, said it was indicative of the re-emerging hotel transaction market in Ireland.
With almost 20 expressions of interest received, he said it is evident that investors see value in Irish hotel assets.
The West County Hotel based in Ennis, formerly the flagship hotel in the Lynch Hotel Group which is also in receivership, was recently put on the market with an asking price of €2.5m - €3m.
It has 185 bedrooms and conferencing facilities that can cater for up to 1,650 delegates.
