Tetrarch Announces Intention To Acquire Howth Castle & Demense
Subject to agreeing legally binding contracts and satisfactory completion of due diligence, Tetrarch has agreed in principle with the Gaisford-St. Lawrence family to acquire Howth Castle and Demesne - including the Deer Park Hotel and Golf Courses.
Subject to the receipt of planning permission and successful completion of the proposed acquisition, Tetrarch plans to redevelop and reopen the Deer Park Hotel as a new luxury hotel and to transform the Deer Park golf courses, drawing on its recent expertise in redeveloping Mount Juliet Estate in County Kilkenny.
Howth Castle & Demesne encompasses over 470 acres of walled gardens, parkland, woodland heathland, and world-renowned Rhododendron Gardens, and has sweeping sea views over Dublin Bay and Howth Harbour. It has been owned by the St. Lawrence family for over 840 years.
Commenting on the deal Julian Gaisford-St.Lawrence said:“The opportunity to sell the estate to a suitably experienced investor whose management is committed to maintaining the integrity of its history, heritage and architecture, while realising its full potential as one of Ireland’s leading historic tourist destinations is one that we welcome. We believe we have identified a partner in Tetrarch who has the ambition and the resources to deliver an exciting and secure future for this unique location in a manner that would greatly benefit our many visitors, staff and the local community.”
Michael McElligott, Chief Executive of Tetrarch said:“Tetrarch is absolutely delighted to make this announcement alongside the Gaisford-St. Lawrence family. We have worked with Julian and his family on this very exciting opportunity for several years. Howth Castle & Demesne is a truly stunning property, located close to Dublin City and Dublin Airport. Following completion of the proposed acquisition we intend to progress with our very exciting plans for the redevelopment of the former Deer Park Hotel and Golf Courses, subject to receipt of the necessary planning permissions.
Tetrarch’s track record working on significant projects requiring planning, redevelopment, and strong asset and operational management skills would ensure that we are able to realise the significant potential that Howth Castle & Demesne offers.”
Deer Park Golf Club currently has an 18-hole and a 9-hole golf course, an 18-hole pitch & putt course, a 9-hole par 3 course, and an 18-hole footgolf course. It is the intention of the Gaisford-St. Lawrence family and Tetrarch that the Deer Park Golf Club would remain open for business following completion of the proposed sale and through the end of 2019, pending a decision by Tetrarch on its long term plans for the redevelopment of the golf course lands.