Gresham Hotel Group has agreed the sale of its three Ryan Hotels - in Killarney, Limerick and Galway - for a total of €35.75m.
The hotels have been bought by Choice Hotels Ireland on behalf of a syndicate of private investors. Choice Hotels operates 18 hotels nationwide, under the Clarion, Quality and Comfort brands. The three Ryan hotels will be rebranded as three-star Quality Hotels.
Choice is paying €11m for the Ryan Hotel Galway, €10m for the Limerick Ryan and €14m for the Ryan Hotel Killarney. The sales of the Limerick and Galway hotels are expected to be completed by mid-July, while the Killarney deal should be completed by the end of November.
Gresham says the disposals are in line with its strategy of focusing on four-star city hotels. The funds will be used to reduce debt.
The Killarney Ryan is being sold to Hepton Developments, the Limerick Ryan to Budelli and the Galway Ryan to Elite Catering.
Shares in the hotel group jumped over 5% to close at 82 cent in Dublin this evening.
