US Group expands presence with acquisition of Portrush hotel

Adventurous Journeys (AJ) Capital Partners, a Nashville-based hotel investment firm, has acquired its third hotel in Northern Ireland, taking ownership of the Portrush Atlantic Hotel.

The purchase was made from Derry businessmen Larry and Brendan Duddy Junior, who previously controlled the three-star hotel, which boasts 69 rooms. Located on Main Street, the hotel is situated adjacent to the Adelphi, which was acquired by AJ Capital in 2022.

Currently undergoing a significant refurbishment, the Portrush Atlantic Hotel has been closed since May 2024. The hotel is set to reopen in early 2025, ahead of the return of The Open Championship to Royal Portrush in July. While plans for the renovation are well underway, it remains unclear whether AJ Capital intends to combine the Portrush Atlantic with the neighbouring Adelphi to form a larger hotel complex.

AJ Capital Partners made its first foray into the Irish market in 2021, when it purchased the Slieve Donard Hotel in Newcastle for £40 million. The company, which operates hotels under its Marine & Lawn golf portfolio, expanded further by acquiring the four-star Adelphi in late 2022.

The firm’s latest acquisition of the Portrush Atlantic Hotel, finalised last month, is part of its strategy to add more rooms on Northern Ireland’s north coast. According to filings with Companies House, AJ Capital’s holding company, Pruk Owner Limited, assumed control of The Northern Portrush Hotel Ltd on November 22. Pruk Owner Limited is managed by AJ Capital founder and CEO Ben Weprin.

The financial terms of the deal have not been disclosed.

The Duddy family, who have previously invested in local hospitality, took full control of the Portrush Atlantic Hotel in September 2023. Prior to this, the property had passed through several owners, including the National Asset Management Agency (Nama) and Cerberus, following its administration in 2013.

Under AJ Capital’s ownership, the hotel will undergo an extensive refurbishment as part of the Marine & Lawn portfolio, contributing to the growing hotel investment activity along the north coast in anticipation of next summer’s golf event, The Open.