Co Cork hotel on market for €6m
Now, for around €6m, on an adjacent site a fully-functioning 78-bed hotel built with modern wings around a period home dating to 1800 has come on sale for a receiver.
Oriel House Hotel hits the market this week with agents Savills, adding to their string of Cork hotel sales in the past year or so. Agents Denis O’Donoghue and Tom Barrett of Savills have already sold the Ambassador Hotel for the previous owners/developers of Oriel House, William and Angela Savage: a third hotel in their stable of three, in Charleville, is expected to go to market soon.
Buyer of the Ambassador Hotel, in St Lukes Cross, was Brian McGettigan of Dublin’s North Star hotel and suites, and it sold for just over its €1.5m guide.
Interest in Ballincollig’s Oriel House Hotel is expected to be widespread given its quality — and secured business: it is the only hotel in satellite town of Ballincollig, which has a population of c 18,000, and serves a far wider catchment, from the city’s western suburbs up along the Lee Valley and out towards Blarney. The only other hotel likely to serve similar markets is the Kingsley, bought for €6m, and due to open later this year after its purchase by the Chinese Kang family, who also acquired Cork’s Fota Resort for €20m. Fota is due to host the 2014 Irish Open.
The Oriel House Hotel was the subject of a €10m investment and expansion back in 2006 by the Savage family who acquired it from long-time owners the Shanahans, and architect for the investment, extension and upgrade was Paul Hudson. Originally built alongside the Royal Gunpowder Mills (now a 150 acre public amenity park) and on 2.5 acres, Oriel House Hotel has 78 beds, two bars, leisure centre with 25m pool, and function facilities for 480, with parking for 250 cars.
Savills Denis O’Donoghue stresses the fact it’s the only hotel in Ballincollig makes it a very viable business for a new operator, with a business, wedding and leisure trade.
Offered for receiver Kieran Wallace of KPMG, it is available free of a current management agreement with BDL, if required, and “the strong hotel trade is not impacted by the sale.”
According to Savills (who’ve sold the Ambassador Hotel, International Airport Hotel, Kingsley Hotel, the Radisson Blu and the River Lee Hotel all in Cork) the hotel market in Cork City “grew considerably in ’13 with REVPAR growth of 10%.”
* Details: Savills 01-6181415, 021-4271371
