BlackBee warmly congratulates Sean O’Driscoll on his appointment as chief executive officer of iNua Partnership.
He will enhance the vision and innovation of predecessor Noel Creedon as the hotel chain enters a new phase of growth.
Following a management buyout of the operating arm of iNua by Executive Directors Sean O’Driscoll and Paul Fitzgerald, Mr Creedon is taking up a non-executive board position, with Mr O’Driscoll becoming the new CEO after his time as COO.
Commenting on the MBO, Mr. Fitzgerald said “This MBO has been carefully designed to ensure continuity in the mandate from investors under existing management in iNua. Sean & I look forward to working with the dynamic team that has been assembled and growing iNua’s footprint in hospitality into this new decade”.
BlackBee views the continuity of Mr O’Driscoll’s appointment as a major plus for iNua, due to his excellent track record in the industry as well as being an integral part of the firm’s vision for growth in recent years.
Mr O’Driscoll’s extensive hands-on experience, the high regard his profile within the hospitality sector is held among his peers, and his ability to bring iNua into its next phase of growth is a boon to investors and guests alike.
BlackBee Chief Executive David O’Shea described Mr O’Driscoll as a “bedrock of success”.
He said: “This is a hugely important appointment for iNua as it offers continuity and growth potential that we in BlackBee find very exciting. Sean’s proven leadership will maintain the ethos of excellence and growth, building on the foundations of Noel Creedon’s vision.”
BlackBee investors have funded circa €46.29m to consolidate the iNua Collection of Hotels. The portfolio, one of BlackBee’s first funds set to mature in 2025, continues to perform well with the current indicative Net Asset Value (NAV) of 1.13 per share.
Read more on the iNua Collection here:
The iNua Collection is the largest portfolio of 4 & 5 Star regional hotels in Ireland. Currently valued at over €120 million in market valuation, this portfolio provides investors with a well-diversified set of hospitality assets, managed through a clear strategy to capitalise and leverage the portfolio for growth, monetise asset synergy and operational efficiencies, and to take advantage of economic and sector recoveries that remain robust. Further acquisitions will take place in 2019 as the portfolio expands and embeds asset efficiencies.