The UK-based Philip Hotel Holdings has added the Metropole hotel in the centre of Cork to its property portfolio. The company is believed to have paid more than €5 million – €1 million above the guide price – for the landmark hotel, which is to be managed by Irish firm Tifco Hotel Group.

Philip Hotel Holdings also acquired two other Cork hotels in little over a year, the International Hotel and the – Airport Hotel. John Hughes of CBRE handled the sale of the Metropole, which has been trading since 1897. It has 112 bedrooms and a popular leisure centre with about 1,000 members.