Ashford Castle has been sold for €20m, according to a report in today's Irish Times.
Red Carnation Hotels, owner of 14 boutique hotels, plans to carry out a major refurbishment of the five-star hotel in Cong, Co Mayo, which was placed in receivership 18 months ago by its owner, the Galway businessman Gerry Barrett.
He bought the castle and its 365 acres overlooking Lough Corrib from a group of Irish-American investors in 2008 for €50 million.
Mr Barrett’s company, Edward Holdings, continues to run the G Hotel and theMeyrick Hotel (formerly the Great Southern Hotel) in Galway and the D Hotel in Drogheda.
Tom Barrett of estate agents Savills, who handled the sale for receivers Ernst & Young, said yesterday that Ashford Castle was continuing to trade successfully after making profits of over €1.5 million last year.
Joint receiver and manager Luke Charleton of Ernst & Young said the deal secures the 160 jobs at the resort.
Read more in today's Irish Times.
