The five-star Lough Erne Resort in Enniskillen, Northern Ireland – which in 2013 hosted G8 leaders including US president Barack Obama and Russian president Vladimir Putin – has been sold to a US businessman for a fraction of its £30m price tag.

Chicago business man and former market trader, Tony Saliba, is understood to have acquired the hotel for an estimated £8m, according to The Belfast Telegraph.

The resort has been sold to Lough Shore Road, a private hospitality company led by US-based investor Tralee Portfolio Management (TPM) – which is an affiliate of the Saliba Family Office.

The new owner, TPM, and its operating partner The Prairie Group, are now likely to upgrade the resort grounds and golf facilities as they aim to attract visitors both from the local area and internationally.

Lough Erne Resort is TPM’s first hotel acquisition on the emerald isle, having been exploring other high-profile properties since late last year. The company is known to have bid on Mount Juliet and is reported to be actively looking at Adare Manor in Limerick, according to The Irish Times.

The property opened in 2007 but was placed into administration in 2011. Administrators Stuart Irwin and John Hansen of KPMG believe the deal will help safeguard the future of the resort.

“The purchasers have a long and successful track record in the hospitality sector in the US and other markets,” they said. “The resort, now firmly established as one of the premier golfing destinations in western Europe, has been sold as a going concern following a competitive bidding process with interest from all over the world.”

“We are delighted the new owners will now provide stability and continued valuable employment at the resort whilst they develop exciting future plans for Lough Erne,” said Brian Lavery, managing director of selling agents CBRE in Belfast.

The resort features a golf course designed by Sir Nick Faldo and includes a hotel with 120 bedrooms, two 18-hole golf courses, a Thai spa, holiday homes and a golf academy on the 345-acre site.