With this latest deal Redquartz Boundary (RQB), a joint venture between Kelly's development company, Redquartz, and McFadden's boutique finance house, Boundary Capital, has now completed property transactions worth 1.6bn.

RQB secured a $193m loan from investment bank Goldman Sachs to finance the purchase of the hotel. The additional $38m ( 31m) over and above the purchase price will be used to carry out renovations over the next year and to fund working capital requirements.

The Dublin-based development company was among the underbidders last year for the Jurys Doyle site in Ballsbridge, which was eventually bought for 260m by developer Sean Dunne.

RQB's portfolio includes several sites in Dublin such as Diswellstown House hotel in Castleknock, where it has plans for a residential development, and the Adelphi office buildings in Dun Laoghaire, where it has submitted planning permission for an extensive mixed-use scheme.

All these sites were purchased by the company on behalf of private investors.

Redquartz raises money from investors on a project by project basis, with a minimum investment of 100,000 required.

The Marriott Sawgrass Resort and Spa is a 508-room hotel on 61 acres of land adjoining the Tournament Players' Club Stadium course. The hotel is located near the Florida city of Jacksonville, on the Atlantic coast.

The course plays host to the annual Players' Club Championship at Sawgrass, one of the most lucrative and highprofile events on the professional golf calendar.

The planned renovations at the Marriott resort coincide with significant work being carried out on the Sawgrass course. The Professional Golfers' Association (PGA) of America is currently building a new clubhouse and completing extensive works on the Stadium course.