The property sits within the 350 acre estate of Ashford Castle, which was acquired by the luxury boutique hotel collection in June last year and is currently undergoing a renovation programme.
Lisloughrey Lodge will be rebranded as The Lodge at Ashford Castle and will complement its sister hotel, providing a nearby alternative to the castle, while enabling guests to enjoy the benefits and facilities of the castle's estate.
Activities available include fishing, golf, falconry, clay pigeon shooting and horseriding, as well as the numerous watersports on Ireland's largest lake, Lough Corrib, which the properties overlook.
Red Carnation Hotels is an award-winning collection of five and four-star hotels spearheaded by president and founder Beatrice Tollman.
Already extremely popular with the weddings market, the four-star Lodge at Ashford Castle is expected to attract a younger audience than its neighbour.
Jonathan Raggett, managing director of Red Carnation Hotels, said: "The Lodge at Ashford Castle is another fantastic addition to our portfolio and given its location within the Ashford estate, it makes total sense for us to bring it in the Red Carnation Hotels fold. We are fully committed to supporting the local community, increasing staff levels at the hotel by recruiting locally and using local suppliers and artisans as the source of our food, amenities and décor. We have a fantastic relationship with Tourism Ireland and are delighted to be able to invest in this vibrant and beautiful destination."