Islandeady Properties and Lansdowne Francs to Acquire The Royal Theatre, Hotels and The Royal Quarter Retail Area from Andrew O'Leary & Kieran Wallace, KPMG.

The acquisition includes The Royal Theatre, The Ruby Room, Mayo Conference Centre, TF Hotel, Harlequin Hotel (4 Star), Multi Storey Car Park and The Royal Quarter Retail Area incorporating Boots Chemists and other various Retail Stores, The Mosaic and other car parks.

The Royal Theatre

CASTLEBAR & DUBLIN

Islandeady Properties, a hotel management and property company, today announced that their affiliates have signed a definitive agreement to purchase the assets at The Royal Theatre and The Royal Quarter, Castlebar from Andrew O'Leary and Kieran Wallace of KPMG.

Islandeady Properties were advised by JV Geary Solicitors and KPMG were advised by Ronan Daly Jermyn.

Following the closing of the transaction Islandeady's management team will operate the acquired businesses. The new management team bring decades of experience in the theatre, hotel and retail sector and include Seamus Sutcliffe of Lansdowne Francs, Patrick Jennings and Louise Jennings.

The Assets include the Royal Theatre which has a capacity for 2,200 seated and 4,000 standing.

Pat Jennings, the renowned music and arts promoter, will take the helm at The Royal Theatre and will become its Artistic Director with immediate effect. The Royal Theatre will publish a list of shows and events shortly which will include a number of music events and some excellent West End Musical Shows.

An announcement is expected shortly regarding the appointment of a Conference and Events Centre Director at the on-site Mayo Convention Centre which is currently the count centre for the European Elections. Declan Durcan has recently been appointed as Marketing Director at The Royal Theatre.

Seamus Sutcliffe from Lansdowne Francs who will be the new CEO advises that "we intend to invest in and grow the The Royal Theatre and its related hotel and retail businesses through enhanced marketing efforts, expanding existing projects and executing on opportunities to broaden the groups footprint in Castlebar. We look forward to providing exceptional arts and music offerings in the theatre and excellent service in our on-site hotels and retail assets".

Seamus Sutcliffe also added that "we are announcing the opening of new on site retail concessions including a Ticketmaster Retail Store and a Starbucks ‘Proud to Serve' concession. Over the next number of months we also expect to conclude negotiations with a major UK premium grocery outlet for The Royal Quarter. We hope that we will continue to receive every possible support from the local community for the business going forward."