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NAMA sells Moyvalley for €77million discount

Moyvalley Golf and Hotel Resort.

Moyvalley Golf and Hotel Resort.

A Kildare hotel and golf resort is to get a new lease of life following its sale by NAMA.

At Kilcock District Court on 15 April, the new owners of the Moyvalley Hotel and Golf Resort applied for and were granted an interim transfer of the licence to run the resort.

The 57 acre resort, whose original owners spent €80 million on it, has been sold to the for €2.875m - a drop of more than €77 million.

The resort has 52 bedrooms, 47 self catering apartments and 20 stone cottages.

It was bought from NAMA on Thursday, April 10, by Ballina Hotels Ltd which was set up on 24 February.

Its two directors are Rita Shah and Oliver Brady who run Monaghan recycling business, Shabra Plastics and Packaging Ltd.

Judge Desmond Zaidan heard that they would be taking on all the staff and plan to employ a further 70 people over the next few years.

The course and apartments at the resort are to be refurbished. They will employ a general manager, Patrick McFadden, who told the court that they will install a new management structure.

 

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