FBD to sell the Tower Hotel to Neville group

FBD Hotels & Resorts is selling the Tower Hotel in Waterford to the Neville group in a deal set to go through next month.

FBD said on Monday that it has agreed to sell the property to the Neville Hotel Group, owner of the Kilkenny River Court and Royal Marine in Dún Laoghaire, Co Dublin.

The pair expect that the transaction will complete in 30 days and say that business will continue as usual at the Tower.

The seller plans to reinvest the proceeds in its other properties in Ireland and Spain.

FBD recently announced plans to expand its Castleknock Hotel in Dublin while it is building new homes at its La Cala resort in Malaga, Spain, with its partner, Taylor Wimpey.

Troubled insurer FBD Holdings sold its 50 per cent stake in the hotel company back to Farmer Business Development a year ago.