This recent purchase adds to Mr. O’Brien’s growing portfolio in Portugal, where he has managed the prestigious Quinta do Lago golf resort in the Algarve since 1998. The resort features three golf courses, hotels, a sports campus, and residential properties.

With this acquisition, Mr. O’Brien now adds the Conrad Algarve, which boasts 134 rooms and 20 suites, along with a luxury spa, state-of-the-art gym, and multiple dining options, including the Michelin-starred Gusto, helmed by chef Heinz Beck.

The €200 million deal follows a series of divestments in Ireland, including O’Brien’s sales of his stakes in Independent News & Media, Beacon Hospital, and Communicorp radio group.

News of the purchase comes as the company managing O’Brien’s Quinta do Lago resort reported profits of £4.13 million last year. Accounts from Algarve Golf Courses Ltd, a UK-registered entity, revealed that its Portuguese subsidiary, Sociedade do Golfe da Quinta do Lago SA, posted the profit for the year ending December 2023—an increase from £3.9 million in 2022.

These profits reflect only part of the Quinta do Lago resort’s overall performance, which has bounced back after pandemic-related losses of £3.7 million in 2020. The company ended 2023 with capital and reserves of £22.45 million. Directors at Algarve Golf Courses Ltd expressed satisfaction with the subsidiary’s performance in 2023.

Meanwhile, another O’Brien-owned company, Catalunya Golf Ltd, recorded a pre-tax loss of £761,915 last year, after posting a pre-tax profit of £1.74 million in the previous year. This loss was largely due to a foreign exchange loss of £761,915, compared to a gain of £1.75 million in 2022.

Catalunya Golf Ltd, which holds and manages golf-related assets, remained in a satisfactory financial position according to its directors. A subsidiary, PGA Golf de Caldas SA, involved in property development, posted profits of £3.7 million and ended 2023 with consolidated capital and reserves of £5.36 million.