Irish-owned group has eight properties with aims to be biggest regional hospitality chain
The operating arm of Irish-owned hotel chain iNua has been bought out by its management team.
Ownership of iNua Partnership, which operates the eight hotels in the chain, has switched from Noel Creedon to iNua directors Sean O’Driscoll and Paul Fitzgerald. The value of the management buyout (MBO) was not disclosed.
Mr Fitzgerald has become chief executive of iNua Partnership, while Mr O’Driscoll has become chief executive of iNua Hospitality plc, a separate legal entity that owns the hotel properties and numbers iNua Partnership among its shareholders. Mr Fitzgerald is also a director of iNua Hospitality.
Mr Creedon remains as a director of iNua Hospitality, which is owned by a number of high net worth private investors. They provided €50 million in equity during a private placement in 2018, with €58 million raised in debt via Earlsfort Capital Partners for a five-year term.