Insurance group FBD Holdings has increased its holding in Tower Hotel Group from 50% to 75% for a cash consideration of €9 million.
The Tower Hotel Group, which operates a chain of hotels, commenced trading in 1981 when FDB Insurance and Travelplan came together to acquire the Tower Hotel, Waterford.
Since then the Castleross Hotel in Killarney, Temple Bar Hotel in Dublin, Tower Hotel in Sligo, Faithlegg House Hotel in Waterford and the recently opened Tower Hotel in Derry have been added to the group.
The net assets of the Tower Hotel Group at the end of last year amounted to €27.3 million and the group reported an after tax profit of €2.3 million for 2001.
In a statement, FBD said the consolidation of the hotel into FBD will enhance its hotel and leisure interests in Ireland and complements its existing property and hotel interests in Ireland and Spain.
FBD shares were unchanged at €5.60 in Dublin on Friday.
