Luxury Fermanagh hotel Lough Erne Resort is to leave administration with confirmation of its acquisition by a US investment group.
The hotel and golf development opened in 2007 by local born developer Jim Treacy was placed in administration in May 2011 and famously hosted the G8 summit in 2013.
Commercial agent CBRE has confirmed that the resort has now been bought by a US investment group led by Vine Avenue Advisors, headed by Michael Saliba, and TRU Hotels and Resorts, a hotel investment and management company founded by veteran American hoteliers Jeff Mahan and Mark Ward.
Tru has been appointed to oversee its management.
CBRE Hotels in Dublin were instructed by John Hansen and Stuart Irwin, Joint Administrators of Castle Hume Leisure Ltd from KPMG to place the resort on the market as a going concern in May 2013 to take advantage of the strong interest being shown by the international investment market.
The hotel and 25 loughside lodges – comprising 120 rooms and suites opened for business in September 2007 and was hailed as a example of the renaissance of province post-Troubles.
The first nine holes of the signature Faldo course were open for play in 2008 and the full course opened in late 2009.
The Faldo course is already in the top 100 golf courses in the UK and Ireland as ranked by the prestigious Golf Monthly and has been selected to host the 2017 Irish Open golf tournament.
The sale also included 25 substantially completed holiday homes (a mix of 3, 4 and 5-bed units) within the golf village, close to the Resort’s main entrance.
Planning consent is in place to develop another 19 of these holiday homes.
Brian Lavery, Managing Director, CBRE Belfast, commented:
“The sale of this magnificent resort has provided the purchaser a truly unique opportunity to further establish it as one of the foremost conference, wedding, golfing and leisure destinations in Ireland and Britain.
There was tremendous interest in Lough Erne, particularly after the resort hosted the G8 Summit.
The enquiries we received were truly international with particularly strong interest from Chinese buyers.
In the end the hotel was sold to as US based buyer who recognized Lough Erne’s enormous potential.”