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Done and dusted as sale agreed signs go up for hotels

Sale terms have been agreed on two Munster hotels, one for close to €2 million, the other around €1.25m.

Fetching close to €2m was the Clare Inn, Dromoland, Co Clare. It made double its initial quoted AMV of €900,000, a price level which drew 100 expressions of interest — not surprising, given that B&Bs traded in Munster during the boom for that and more.

The huge, sprawling 180-bed hotel near Dromoland Castle went for sale earlier this year with Savills, who guided it at just €900,000, reflecting the trading difficulties of such a large hotel in the mid-west region.

The buyer is Irish, it’s understood.

Also in Munster, a sale has been agreed on the 30-bed new-build the Harbour View Hotel, plus its adjoining eight apartments, says Denis O’Donoghue of Savills Cork office.

Agents Savills, jointly with James Lyons O’Keeffe locally in the West Cork village, had guided the hotel which had cost €10m to develop, at €500,000, with a further €525,000 for the apartments. It’s making about €1.25m, all-in, to a single buyer who is understood to be based overseas.

Details: Savills, 021-4271371

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