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Inua Hospitality has refinanced eight of its hotel portfolio comprising 4- and 5-star hotels located across Ireland and representing a total of 864 beds.
The refinancing was provided by a group of lenders, including AllianceBernstein and Earlsfort Capital Partners (Earlsfort).
The portfolio comprises the Radisson Blu Hotel and Spa, Sligo, the Hillgrove Hotel and Spa, Monaghan, the Tullamore Court Hotel and the Kilkenny Hibernian Hotel.
It also includes the Radisson Blu Hotel and Spa, Cork, the Radisson Blu Hotel and Spa, Limerick, the Radisson Blu Hotel and Spa, Athlone and the Muckross Park Hotel and Spa, Killarney.
This year, the group plans to invest over €2m (£1.7m) in the refurbishment of bedrooms, enhancing hotel facilities and sustainability initiatives.
Sean O’Driscoll, CEO of Inua Hospitality PLC, said: “We are very pleased to have completed this refinancing with AllianceBernstein and Earlsfort and look forward to working with them. The eight hotels in the group all recovered well post-Covid, and we continue to experience very strong demand in 2023, with group occupancy of 82% in the first half of the year, and revenues up 23% on the previous year.”
Paul Brophy, managing director, Earlsfort, added: “We have known the iNua management team since our original funding of this portfolio in 2018. During this time, they have proven themselves to be skilled operators and we are excited to continue this relationship as they advance their growth strategy for the hotels over the coming years.”
