iNua Hospitality Expands Hotel Group With Seventh Acquisition
iNua Hospitality, one of the largest regional hotel groups in Ireland, has agreed to purchase the Radisson Blu Hotel & Spa Sligo, the company announced today [1 April]. The strategic addition of this seventh hotel is part of iNua Hospitality’s clear plan to grow the portfolio and deliver further shareholder value over the next five years.
Situated in Ballincar on the Rosses Point road, the Radisson Blu Hotel & Spa Sligo employs 170 people. Facilities include a leisure club, tranquil Sólás Spa and Wellness Centre and 132 rooms. In excess of €2.5 million was invested in the property as part of an extensive refurbishment project in 2017.
The hotel is run by General Manager, Seamus Preston.
iNua Hospitality was established in 2012 by Noel Creedon. In addition to the Radisson Blu Hotel in Sligo, the company already owns six hotels including the Radisson Blu Hotel & Spa, Athlone; Radisson Blu Hotel, Little Island, Cork; Radisson Blu Limerick; Muckross Park Hotel and Spa, Killarney; Kilkenny Hibernian Hotel, Kilkenny and the Hillgrove Hotel, Leisure and Spa in Monaghan.
With a portfolio of seven hotels, the group will now employ 750 people, propelling iNua Hospitality to become one of the largest regional hotel groups in Ireland. In 2018, the group of hotels is valued at €90 million, while over €10 million capital expenditure has been invested in hotel improvements across the group to date.
The company recently reported its financial performance for 2017, recording an EBITDA of €7.1 million. Under iNua Hospitality management, average occupancy across the portfolio of hotels increased from 60% in 2014 to 73% in 2017. In 2018 iNua will now manage 760 rooms across the seven-hotel portfolio.
iNua Hospitality is targeting a 34% increase in EBITDA from its current assets over the next five years to €9.5 million by the end of 2022, while it aims to reach average occupancy of 75% across the portfolio.
Commenting on the purchase today, Chief Operations Officer of iNua Hospitality, Sean O’Driscoll said:
“We are delighted to add the Radisson Blu Hotel & Spa Sligo to our collection. Based in one of Ireland’s most popular tourist destinations on the West coast of Ireland, the Radisson Blu Sligo is a successful and well performing business and an excellent addition to our existing regional hospitality portfolio. We look forward to working with the Radisson Blu Sligo team to further enhance its market-leading position.”
iNua Hospitality is funded through a network of equity and debt providers including Earlsfort Capital Partners and BlackBee Investments.