Corporate Restructure at Two Hotels

Bank of Ireland has agreed to lend €11.5 million to fund a corporate restructuring at two luxury Midlands castle hotels, Lough Rynn Castle in Co Leitrim and Kilronan Castle in Co Roscommon, which will see full control of the properties move to companies in the Isle of Man.

The two hotels were sold six years ago for a sale price reported to be €14 million by the family of Roscommon property developer, Alan Hanly. The buyers at the time were reported to be a consortium of UK-Irish investors who wanted to invest in the two Irish properties. One member of that consortium, Bradshawgate, is now buying out the rest, with funding from Bank of Ireland.

Kilronan, which has 84 bedrooms and 48 holiday homes on 40-acre grounds, and Lough Rynn, which has 44 bedrooms on a 200-acre estate, are owned by Irish company Waxville Investments, which bought them from the Hanlys in 2016.

Waxville’s outgoing shareholders include Anne Marie Horgan and Michael Horgan, who share an address in London, and Irishman Damien Tiernan, who also has a London address. Those three combined, along with another family investment entity based at a Suffolk farm, currently own 50 per cent of Lough Rynn and Kilronan.

The other 50 per cent is owned by Isle of Man investor Bradshawgate. Company documents filed recently for the hotels show Bradshawgate is now poised to take full control of the assets. 

Lough Rynn was restored by developer Mr Hanly after he bought it 20 years ago, while he also restored and developed the Kilronan estate.