The Dalata Hotel Group has acquired the Clarion Hotel in Sligo for €13.1m.
Dalata had been managing the venue for nearly three years and will continue to do so.
The 4 star hotel was placed on the market by receiver Aidan Murphy of Crowe Horwath.
Situated on 5.5 acres, facilities include 162 bedrooms, a bar, restaurant, meeting and conference facilities, a leisure centre and swimming pool.
Dalata says it plans to invest up to €750,000 in a refurbishment programme to further enhance the asset, and will rebrand the property as a Clayton Hotel, Sligo.
The hotel generated pre-tax earnings of €930,000 in 2015.
"We are very familiar with this hotel as we have been managing the property on behalf of the receiver since April 2013. The hotel is benefiting from the recovery of both the local and national economies," Dermot Crowley, Deputy CEO at the Dalata Hotel Group said.
The sale was managed by estate agents Savills.
"The Clarion Hotel Sligo is one of the largest and most profitable hotels in the North-West of Ireland and represented a rare opportunity to acquire a unique landmark property. The sale attracted significant investor interest, resulting in competitive bidding and a strong sale price of €13m, or €80,000 per bedroom," Tom Barrett, Head of Hotels & Leisure at Savills commented.