Gresham Hotels has agreed the sale of its three Ryan branded hotels.

In separate transactions by wholly-owned subsidiaries, the group is disposing of the Killarney Ryan Hotel & Leisure Centre, the Limerick Ryan Hotel & Conference Centre and the Galway Ryan Hotel & Leisure Centre, for an aggregate cash consideration of EUR35.75m.

Gresham has previously announced its intention to concentrate on four star, city centre hotels and the sale of the three Ryan properties is consistent with this approach. The funds raised from the sales will be used to reduce debt, permitting increased flexibility in the expansion of the group.

The Killarney Ryan was sold to Hepton Developments, the Limerick Ryan to Budelli and the Galway Ryan to Elite Catering. Each of the properties will be managed by Choice Hotels Ireland under an agreement entered into between Choice and the respective purchasers of the hotels. Details: +353 1 817 6209