Hotel goes up for sale

A 181-bed hotel which replaced the iconic Jurys Hotel in Cork City has been put up for sale for about €24m as an investment.

The River Lee Hotel, on Western Rd, near University College Cork, was developed by O’Callaghan Properties (OCP), and has an annual rental income of €2.044m, let to PV Doyle Hotels on a 35-year lease.

The four-star hotel with basement car parking, was part of a redevelopment of the riverside five-acre site, which included apartments at Lancaster Quay, and plans for an €80m private hospital.

Agent Peter O’Meara of Savills, says interest in the hotel investment, with a good covenant, is anticipated from international and indigenous investors and investment funds.