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Done Deal

Nama has sold a former Sunderland investor's hotel for €13 million

Jack Tierney was part of Niall Quinn’s consortium, which bought the club in 2006.

THE NATIONAL ASSET Management Agency has struck a deal with hotel investor Brehon Capital Partners for Killashee House Hotel in Kildare.

The hotel was previously owned by businessman Jack Tierney, who was part of the Niall Quinn-led Drumaville Consortium which bought Sunderland Football Club in 2006.

Tierney is director of Craigfort Taverns, which owned the four-star Killashee House Hotel in Naas, as well as Lawlor’s Hotel in the town.

The property developer is understood to have had loans of around €81 million transferred to Nama in recent years.

The transaction only covers Killashee House, with Brehon passing up the chance to buy Lawlor’s hotel.

BCPKIll Killashee House Killashee House

US private equity player Midwest Holding is again backing the Brehon deal, having worked with the new owner on its deals for the Powerscourt hotel earlier this year. The pair also worked together on BCP’s €50 million sale of the Marker residences in Dublin.

The sale is the sixth hotel deal struck by Brehon since it started its acquisition spree, with a €29 million deal for the Citywest hotel complex understood to have been completed this summer.

Brehon Capital Partners director Michael McElligot said that the company is “delighted” to invest in the 141 bedroom hotel and spa.

“With over 160 weddings hosted at Killashee in 2013 it is a clear desination of choice for couples looking for a special location close to Dublin.”

Brehon is thought to be keen on continuing its spending spree, and is currently eyeing more Irish hotels for acquisition.

Read: Done deal – Marker residences sold to Canadian giant for €50 million>

Read: Done deal – Mount Juliet resort sold to private equity player for €15 million>

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