FBD Hotels and Resorts, part of Farmer Business Developments plc, has agreed to pay approximately €55m for the Grand Hotel in Malahide, Co Dublin. The hotel was put on the market last summer, with a price tag in the region of €60m, as the owners were retiring.

The hotel, which employs over 200 people, dates back to 1835. It has been owned by the Ryan family for the last 50 years.

FBD Hotels and Resorts said it will invest in the upgrading of the hotel’s 202 rooms and other offerings. The purchase will be subject to regulatory approval.

Speaking on the acquisition, the FBD Hotels and Resorts chief, David Kelly, said: “Our team has a proven track record in welcoming new colleagues and investing in opportunities for growth.

“Underpinned by a strong balance sheet, innovative team, and forward-focused ownership, we look forward to further adding to the Grand Hotel as a treasured destination in the decades ahead,” he said.

Company success

The company already owns and operates Faithlegg Hotel, Waterford; the Heritage Hotel and Spa, Laois; Castleknock Hotel, Dublin; and Killashee Hotel, Kildare as well as two resorts near Malaga in the Costa del Sol, Spain.

The most recent accounts available for Farmer Business Developments show annual earnings of €24m from its hotels division. Revenue from the hotels business has increase from €8m in 2015 to €110m in 2023.

In December, Farmer Business Developments announced a special 17c per share dividend to shareholders.