€1.5m buy-out secures Claregalway Hotel’s future
A well-known Galway hotelier has staged a €1.5 million management buyout of the Claregalway Hotel.
Paul Gill – who has managed the premises since it opened almost a decade ago – purchased the hotel from receivers and is currently extending its kitchens at a cost of €100,000. It currently employs 81 staff.
The 48-bed hotel was built by developer Walter King of GK Construction at a cost of around €7 million and opened in 2004.
Certain assets belonging to Mr King were placed in receivership just over a year ago, including the hotel.
Mr Gill said: “With the food and beverage part of the business accounting for 70%of the business’ revenues, the hotel is currently expanding its food product and gastro dining experience as part of a refurbishing plan including a €100,000 investment in extending its kitchen.
“Other key business areas for the hotel include weddings and family events, business functions and the leisure market.
“With the right marketing approach, Galway’s tourism industry has a very bright future. This confidence was a key factor for Nora (his wife) and I when we decided to purchase the hotel.” he added.
For full story see this week’s Connacht Tribune.