€ 8.5m sought for Torc

IT was a case of all Torc, but not enough action, in the planned sale of the Great Southern Hotel Group’s Torc Hotel in Killarney.

With talk of a possible future sell-off of other GSH hotels worth up to €200 million, as part of the break-up of Aer Rianta, a note of caution might enter the frame following the low offers for the hotel and development lands when offered for sale by tender last week.

Over half a dozen different parties made offers on the Killarney hotel on four acres and a further 2.3 acres of building land when the former hotel property was offered in lots.

However, the hotel group, part of Aer Rianta, were clearly unimpressed with the bids made for the property.

Aer Rianta now wants the sale to be re-opened by private treaty.

Agents Lisney have been instructed to open the sale up to all comers by this revised sale method and to seek 8.5 million for the entire.

Other Great Southern Hotel locations are in Cork, Dublin, Killarney, Shannon, Galway (two), Derry, Rosslare and Parknasilla.