Airport hotel on market for €4.75m

Cork’s International Airport Hotel, developed five years ago at a cost of up to €40m, is for sale via a receiver for €4.75m.

The 145-bed hotel at the airport campus is one of three Irish hotels taken over from developer Bernard McNamara, who has reported debts of €1.5bn, and who owes €200m to Bank of Scotland/Lloyds Banking Group.

Co Clare-born Mr McNamara was one of the country’s highest profile casualties of the property dive, and his hotel investments alone included the Shelbourne and the Conrad in Dublin; he built Galway’s Radisson Blu hotel; and was involved in ownership of the Tara Towers, Mercer and Montrose hotels, while investing heavily in holiday home development at Kerry’s Parknasilla Hotel.