Hotel sales bed down

HOTELS in Cork, Kerry, Clare and Tipperary all feature in the latest burst of investor and end-user activity in the hospitality sector market.

Hotel sales bed down

Most prestigious, but also with the smallest tally of bedrooms, is architectural gem, the Cashel Palace Hotel, in the heart of the Co Tipperary town, where some of its 25 acres extends to the Rock of Cashel, which gets over a quarter million visitors a year.

The 19-bed and two-suite luxury four-star Cashel Palace Hotel ceased trading prior to Christmas, with the loss of 30 jobs. The building dates to the early 1700, was built as a residence for a Protestant Bishop, and became an hotel in the 1960s, owned at one stage by Vincent O’Brien.

It’s had a huge popularity with the horse-racing and stud farm set, and may even be bought now as a spectacular private residence, say joint agents John Hughes of CBRE, acting with Tipperary agent PJ Broderick. They guide at €2.25m, and it has provided hospitality for guests like Diana Spencer, Ronald Reagan, Jacqueline Kennedy, Richard Burton and Elizabeth Taylor, as well as Danish royalty.

Nearby in Co Tipperary, Savills report interest in the 1700s build Dundrum House Hotel, on 220 acre, which they guided last autumn at €2.75m for receivers KPMG.

Meanwhile, also listed this week with CBRE, jointly with Tom Spillane & Co Killarney is the spectacularly sited Derrynane Hotel, a seasonally-run hotel on the Ring of Kerry/Wild Atlantic Way. Built in the early 1980s, it was owned by Kerryman and QS Jerry O’Reilly, who was an investor in the Shelbourne Hotel, Dublin, with Bernard McNamara among other investors. Mr O’Reilly’s other hotel interests included the Agahdoe Heights, sold last year for €6m, the Kilkenny Ormond, and the Kilcoran Lodge, Tipperary. The Derrynane Hotel went into receivership with Grant Thornton last month, and isn’t currently trading. Guide price for the 68-bed hotel on 11 acres with outdoor swimming pool is €1.5m, to include eight four-star cottages.

Also on the Munster coastline and just above that price level, a deal is concluding on a long-established 100-bed family hotel and nine lodges plus land, understood to have a US buyer connection, while it’s understood Savills’ Denis O’Donoghue had concluded the off-market sale of the 32-bed Riverside Hotel, Macroom, Co Cork, sold to a local family the Cronins for c €400,000.

In Co Clare, the 54-bed Shannon Court Hotel , seven kms from the airport which had 1.6m passengers in 2014, connected to over 30 destinations, is for sale.

Agent David Murray of Christie +Co guides the Shannon Court Hotel, with bar, restaurant, gym and two shops, at €1.1 million.

On the Co Clare coastline, the 50-bed Ocean Cove Hotel in Kilkee has been put up for sale with Muireann Griffin of DTZ in Limerick, currently generating €16,000 pa in income from two telecommunications masts. It’s near the beach and a golf course. Guide price is €750,000.

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