Cork's Clarion hotel sells for €35.1m

Cork's Clarion hotel sells for €35.1m

The Clarion Hotel on Lapps Quay in Cork has been sold to the Dalata Hotel Group for €35.1m, it was confirmed today.

The sale of the city-centre comprises an investment sale only (existing tenant not affected) and it will continue to be operated by Choice Hotels Ireland under the Clarion brand, according to joint selling agents Savills and JLL.

Opened in 2005, the 191-room four-star hotel has a waterfront position within the City Quarter development on Lapps Quay.

Commenting on the sale, Tom Barrett, Head of Hotels & Leisure, Savills stated: "With high quality conference and leisure facilities and a prime Cork CBD location, the investment sale of the Clarion Hotel Cork attracted a strong level of both domestic and international buyer interest, resulting in highly competitive bidding and in the end a sale price well above our excess €30m guide price."

Dan O’Connor, Senior Vice President, JLL said: "The sale of the Clarion Cork comprises the largest ever hotel sale within the Cork City market, which is testament to the underlying strength of the Cork hotel operating market and the hard work undertaken by the vendors professional team including JLL, Savills, Ronan Daly Jermyn Solicitors, Clowater Asset Management, BDO Ireland and the National Asset Management Agency."

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