Portrush: Ramada Hotel bought by Derry businessman Brendan Duddy
The Ramada Hotel in Portrush, County Antrim, has been bought by the Londonderry businessman Brendan Duddy.
It has been acquired by his firm City of Derry Hotel Ltd for above the asking price of £2.75m.
The hotel was put into administration in 2013 by the Republic of Ireland's bad bank, National Assets Management Agency (Nama).
It then became the responsibility of Cerberus when it bought Nama's Northern Ireland loans.
Mr Duddy said he intends to "roll out an investment programme" to improve the three-star hotel.
He said there had been "a notable uptake" of tourism space in the north west region, which gave him the confidence to invest in the Ramada.
"This hotel is in excellent condition and located right in the heart of the town, ensuring it is a superb destination for holiday makers," he added.
Gregg Sterritt, of the administrators RSM McClure Watters, said the sale would bring security to the hotel's 50 employees.
He praised them for their "efficient and professional manner at a time of uncertainty".