After a number of years selling assets in Ireland, Denis O'Brien has just bought a five-star hotel in Portugal. It is a strategic asset for the businessman, who has extensive properties nearby.
Tinakilly House in Co Wicklow is an award-winning Victorian getaway geared at the wedding market, with a sister venue in Cadiz, Spain. Behind the tranquil charm, a dispute has been brewing between its low-key owners.
Chinese businessman Yuzhu Kang reclaimed the five-star Co Cork resort after settling a hotly contested ownership battle with his business associates. Now he says they owe him another €1.8 million.
The Currency looks at the commercial footprint in the capital city and more lavish purchases in his native Meath since the €1.2 billion sale of his waste empire in 2021.
Chinese businessman Yuzhu Kang emerged victorious from a Commercial Court settlement confirming he was the owner of the 500-acre five-star hotel resort in Co Cork. Now he is being pursued by Arthur Cox in newly filed proceedings.
The hotel industry is a microcosm of the wider economy. At first glance, it seems to be thriving. However, the more you peel it back, the more vulnerabilities emerge.
International investors are making bold plays on the Irish hotel market. Private equity buyers and well-heeled private buyers are also circling. Yet, margins and room revenues are under pressure, and a host of hoteliers have handed over the keys to the state.
The €260m sale of the Dublin luxury hotel to Archer marks the end of opportunities to add value to an asset snapped up for just €111m before renovation a decade ago.
From expanding internationally too early to not fully understanding the power of branding, the Staycity co-founder told a recent event organised by Rockwell and The Currency how he has learned from his mistakes.
Incomes have been rising decade on decade, boosting demand for Ireland’s tourist offerings. Irish policymakers need to have their response planned, writes Ronan Lyons.
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