Ryan Hotels has agreed to sell the Royal Marine Hotel in Dun Laoghaire to William Neville & Sons and other parties for 22.2 million euro.
Ryan has, however, entered into a lease arrangement at an annual rent of 984,000 euro. This means it will retain its existing room stock. The lease is for a term of two and a half years from the date of completion of the deal.
Ryan Hotels says the proceeds of the deal, which is subject to shareholder approval at an EGM on June 27, will be used to reduce group debt.
The company says this will in turn create the flexibility to further expand operations in line with its strategy of focusing on city centre locations.
Ryan Hotels last month announced plans to change its name to Gresham Hotel Group and split its 10 hotels into two separate brands.
