PICS: Five-star Castlemartyr Resort for sale for €13m

A five-star hotel, opened by then-taoiseach Bertie Ahern in 2008, which was developed at a cost of €70m, is now priced for sale at €13m.

Wed, 03 Jun, 2015 - 01:00

The high-end Castlemartyr Resort in East Cork, on 220 acres with golf course and 19 lodges, finally goes to the open market this week, listed with Tom Barrett of Savills, who predicted international interest given its quality and luxury elements.

Conceived of back in boom times, developed in a ‘cost is no object’ manner and centred around a 13th century castle and one-time school/manor house by a lake with swans, the resort hotel opened with fanfare in February 2008, but shut nine month later, laden with enormous debt, as the global economic clouds multiplied.

It was initially run by the Capella group, which had planned several Irish hotels, and was later managed for a period by Dromoland. It has traded since its initial hiccough in 2008.

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Over the years, it has played host to the likes of former US president Bill Clinton and rock star Bruce Springsteen, while Hollywood royalty Brad Pitt and Angelina Jolie were also said to have stayed there.

At its opening, Mr Ahern noted that there had been a €2.2bn investment in new and expanded Irish hotels in the preceding five-year period, with 87 hotel openings in 2007.

Following the crash of the Celtic Tiger, the hotel sector dived, and is only now in recovery.

Castlemartyr Resort, with golf, spa and lodge, might well attract the same sort of international attention that East Cork’s other resort, Fota Island got after that resort’s €20m-plus purchase and further investment by China’s Kang family in late 2013.

“Castlemartyr Resort is one of the finest hotels to ever come to the market in Ireland,” said Mr Barrett.

“It provides a buyer with the opportunity to acquire an exceptional hotel in a superb condition.

“The significant increase in domestic and overseas trips taken in Ireland has boosted Ireland’s hotel trade and Castlemartyr has huge potential. We expect strong demand from both local and international buyers.”

Developed by John F Supple & Co, the luxury hotel and spa stands on 210 acres of land next to the village of Castlemartyr, has 103 bedrooms, including 32 suites, and has a golf course designed by Ron Kirby. It is near the sea at Garryvoe, as well as being close to Midleton where the expanding distillery is increasing both its output and its tourism product.

Castlemartyr village developed out of an adjacent 13th century castle associated with Strongbow, and features restaurants, bars, function room for 220 guests, and a leisure club with a 20 metre pool, treatment rooms, and other facilities.