Originally a private home, over the course of the 20th century, Hope Castle was used as a military barracks, a hospital, convent, and was most recently used as a hotel before it was damaged by a fire in 2010.

From 1900 to 1904, Hope Castle served as a home for Prince Arthur, 1st Duke of Connaught and Strathearn, Queen Victoria's son, and his family.

After its many years serving as a local convent, Hope Castle was owned privately until Monaghan County Council acquired it in the 1980s.

The building was uninhabited at the time of the fire; however, the contents of the hotel including a considerable amount of the fittings, furniture, and antiques were destroyed.

At the time of the incident, it was clear to local Gardaí that entry was gained by trespassers to the ground floor of the building where the fire was started.

Some of the Victorian era embellishments include cresting on the roof parapets and on the entrance to the building, which has a central curved bow.

The gate lodges, stables, and bath houses are still extant while the ironwork for these structures was carried out by father and son James and Alexander Shekleton in 1862 for Anne Adèle (née Bichat), widow of Henry Thomas Hope.

Hope Castle is surrounded by grounds of green land next to a forest area accompanied by a large lake, known as the Black Island.