THE BEIJING-BASED Kang Family have purchased the 500 acre Fota Island Resort from Nama for around €20 million. The resort was developed for around €90 million after being purchased by Cork developer John Fleming in 2004.
The property comprises about 500 acres of the 700 acre Cork island, which it shares with Fota Wildlife Park. It includes a 5 star, 131 bedroom hotel; leisure centre and spa; championship 27 hole golf club with a substantial club house; golf academy; offices and associated buildings; as well as 54 holiday lodges, with planning for 160 more.
200 enquiries were made from around the world since the property was put on the market by agents Colliers International on behalf of Nama, and the sale was concluded earlier this week following a competitive bids process. “We were expecting to be busy but were very pleasantly surprised at not only the number, but the quality and the diversity of these enquiries,” Colliers International’s Marcus Magnier said.
The Kang Family operate a number of successful businesses in the hotel & leisure, construction and energy sectors. A spokesperson for the new owners said the business would continue to trade as normal with all commitments, such as weddings and corporate bookings, being honoured:
The family is looking forward to the handover date of the 27th of September, and is also looking forward to working closely with the excellent team at Fota Island Resort, as well as with the membership of the Golf Club.
The Kangs are planning a number of improvements at the resort to ensure it maintain its 5 star status.
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