Hotting up in Killarney

ONE down, another to go in Kerry — DTZ Sherry FitzGerald this week bring Bill Cullen and Jackie Lavin’s Muckross Park Hotel to market guiding €6.5m, after their summer 2014 off-market sale of Killarney’s 74-bed Aghadoe Heights for just over €6m, bought by Davy asset managers.

The arrival this week of the Muckross Park Hotel and Spa for receiver Declan Taite of Duff and Phelps comes as a blow to owners/developers Bill Cullen and Jackie Lavin who had invested over €10m in the venture, known for its particularly lavish spa and which is trading very well, making recent profits.

As the only hotel within Killarney’s National Park, it has a special niche setting, and gets a particularly strong US trade, while Cork visitors make up as much as 50% of the domestic market there, it’s understood.

Selling agent for the 68-bed hotel with 10 self-catering guest cottages (and six more at shell and core stage) is Kirsty Rothwell of DTZ Sherry FitzGerald, who says it’s going to get international investor interest, as well as existing Irish chains, and while an American buyer may be a good bet, it may also catch the eye of currently active Chinese hotel buyers.

The compact five-star hotel has been extended and refurbished over the years, growing out of the original Molly Darcys, now being rebranded as Jarveys Bar, and includes pub, bar, the Yew Tree Restaurant and the spa.

“Killarney continues to be one of the most sought-after tourist destinations in Ireland, underpinned by the recent findings of the Hotels.com survey, and the award-winning Muckross Park Hotel and Spa is one of Killarney’s truly iconic properties,” commented Kirsty Rothwell, head of hotel solutions, DTZ.

It has scooped a Tripadvisor Top 15 Luxury Hotels in Ireland 2014 award, as well as World Luxury Spa Award 2014, ISIA Gold Medal for Accommodation Excellence 2014, Best Gastro Pub in Munster 2014, has a AA Rosette for its Yew Tree restaurant for this year, and was Munster Wedding Venue 2012, chosen by Southern Bride.

It is trading as usual (turnover in the past year was €5m, with €200,000 surplus,) and all jobs are being maintained.

In July, DTZ sold the Aghadoe Heights to a European investor, represented by Davy following what the hotel said were a number of unsolicited approaches from potential domestic and international purchasers.

It had been bought from its original German owners in 1998 by Jerry O’Reilly, who invested considerably in it, and is a five-star 74 bed hotel (30 suites) overlooking the Lakes of Killarney.

Details: DTZ Sherry FitzGerald, 01-6399300