River Lee Hotel on offer for €25m

O’Callaghan Properties are looking for up to €25m for the 180-bed River Lee hotel they built in 2006 on the old Jurys Hotel site in Cork city.

The sale, offered to the investment market on about an 8% return, was developed on the five-acre riverside site near UCC, along with 150 apartments. The site was acquired back in 2004 for €45m, earmarked initially for a €140m redevelopment, to include 250 apartments. Now it is home to the Lancaster Quay apartment scheme, with a remaining undeveloped portion where planning was refused by An Bord Pleanala for an €80m private hospital.

O’Callaghan Properties this week confirmed its plan to sell off their long-term investment hotel asset, with 29 years left on its CPI-linked, upwards only 35-year lease.