Belmullet Hospitality Group, which is led by the family behind Newtown Square’s Apple Vacations, has expanded abroad by purchasing a property in Ireland, writes Kenneth Hilario for the Philadelphia Business Journal.
The group – led by John Mullen and sons Timothy, Jeffrey, and Matthew – has purchased the Carton House in Maynooth, 14 miles outside of Dublin. Belmullet Hospitality acquired the hotel, five restaurants, the leisure facilities and spa, two championship golf courses, training facilities, and pitches.
The property dates back to the 12th century, and was turned into a luxury golf resort 17 years ago. The terms of the deal have not been disclosed, but the original listing price was around $70.7 million in July.
The move follows the 15.3 percent jump in revenue per available room in Dublin hotels over the last year. That number is predicted to grow another seven percent this year.
According to CBRE Group, the sales process for the luxury resort drew interest from both domestic and international investors, along with high net-worth individuals, private equity companies, and international hotel operators.
Read more about Apple Vacations’ new Irish property in the Philadelphia Business Journal by clicking here.