Waterford island floated

IRELAND’S signature castle hotels have been changing hands with aplomb this year – think Ashford Castle, and now Adare Manor on the hook for c €40m, while this week the illustrious roll-call is joined by the more modestly priced Waterford Castle.

Waterford Castle resort, comprising a compact 20-bed hotel at the centuries’ old castle (with five suites, including a Presidential suite ) plus 43 lodges is on a 310-acre island along the River Suir just east and downriver of two miles from Waterford city: it goes on the open market this week for Nama, via Marcus Magnier of Colliers International, seeking offers in excess of €4.5m.

It’s in receivership due to considerable, €30m-plus debts to AIB run up by a business consortium who launched 48 luxury lodges, at the market-meltdown period of 2007. But, it’s said to be trading profitably with turnover of €3.5m-plus in the past year, with over €300k from golf.