€2 million hotel tag
The long-established West Cork hotel, the Westlodge next to Bantry House and the harbour town, is for sale for €2 million, via agents DTZ Sherry FitzGerald.
Family-owned for decades, it was invested in around the mid 2000s with upgraded conference and function facilities. Needing more modernising now and updating of bedrooms, it is on 25 acres of land, with harbour vistas.
Eoin Ryan and Peter O’Flynn of DTZ’s Cork city offices describe the offer as “one of the more significant listings in the West Cork tourist industry in recent years.”
They are selling for joint receivers and managers Kieran Wallace and David Swinburne of KPMG, and say there’s huge scope to reinvigorate the wedding and function business given the Westlodge’s history. They also point to a recovery in the past year in hotel business and sales transactions, including in Baltimore and Clonakilty, as indicators of expected interest in this iconic hotel.
They say demand and competition for hotel investments has extended beyond the busy Dublin market and many investors have now widened their search and are “concentrating on regional hotels and tourism related opportunities, where competition for stock is more balanced with the level of supply”.
Bantry’s Westlodge Hotel is currently a three-star 100-bed, all en suite facility with nine self-catering cottages, known as Pond Lodge Cottages. It has two bars, two restaurants and a quality leisure centre with 16m pool, sauna, steam room, treatment rooms, gym, squash court, tennis court and pitch and putt. A large modern banquet/conference facility, the Seafield Centre, catering for 350, was added in the mid 2000s.
“The Westlodge Hotel has been in operation for over 40 years and offers a fantastic opportunity to the smaller hotel chains, investors or owner occupiers looking for a business with excellent future growth prospects,” say Mr Ryan and Mr O’Flynn.
Details: DTZ Sherry FitzGerald, 021-4275454
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