FBD Hotels and Resorts has reached agreement to acquire the Grand Hotel in Malahide, Co. Dublin for a sum of approximately €55 million.

The Grand Hotel, which employs over 200 people, dates back to 1835 and has been in the ownership of the seller, the Ryan family, since 1974.

It is a popular destination, conference, and wedding venue located in the coastal town of Malahide, convenient to Dublin City and Dublin Airport.

The agreement, subject to approval by the Competition and Consumer Protection Commission (CCPC), will see the Grand Hotel become the seventh property belonging to FBD, bringing its total number of hotel rooms to 1,387.

Announcing the agreement, FBD Hotels and Resorts chief executive, David Kelly said: "The Ryan family and 200 strong team at the Grand have done an excellent job in preserving the timeless charm and traditions that have made it a venue of choice for many over the decades.

"We look forward to adding to this storied history. Our team has a proven track record in welcoming new colleagues and investing in opportunities for growth".

FBD Hotels and Resorts, part of farmer-owned investment company, Farmer Business Developments Plc, employs 1,705 people in Ireland and Spain.

It currently owns and operates four hotels in Ireland—Faithlegg Hotel, Co. Waterford; the Heritage Hotel and Spa, Co. Laois; Castleknock Hotel, Co. Dublin; and Killashee Hotel, Co. Kildare.

It also owns and operates two resorts near Malaga on the Costa del Sol, Spain—the Sunset Beach Club, Benalmádena, and the La Cala Resort, Mijas.

The company also has an extensive landbank in La Cala, comprising three golf courses and a range of residential properties, developed in partnership with international construction company, Taylor Wimpey Plc.

FBD Hotels and Resorts has "signalled" that it plans to invest in upgrading the Grand Hotel over the coming period.

This will include upgrades to the hotel’s 202 rooms, bar and dining facilities, conference, wedding and leisure offerings, as well as IT infrastructure, marketing and professional development.

The Ryan family thanked guests and their teams, and said that the transition marks "an exciting new chapter" for the hotel.