Multi-hotel owning group Tetrarch Capital has put Co Carlow’s successfully-trading Mount Wolseley Hotel, Spa and Golf Resort for sale, guiding €14.25 million, with an option to buy in lots also available — it’s one of the stronger hotel offers outside Dublin in some years.
On 170 acres and including 16 large guest lodges, the four-star hotel, off the M9 and an hour from Dublin, has a multi-stream income from hotel, golf, conferences and functions, but had gone into receivership in 2104, with debts of up to €60m, and some €28m owed to Bank of Ireland.
It had been trading as a resort hotel since 1994, when first developed by the Morrissey family.
Subsequently Brehon Capital invested €7.5m in 2014: Brehon Capital subsequently evolved into a new entity Tetrarch Capital: its Tetrarch Hospitality wing has over a half-dozen strong hotel names to its credit, including the Marker in Dublin, and Mount Juliet in Kilkenny.
Tetrarch reportedly has €450m in assets across a range of other classes, and as recently as 2015 said while it has bought specific hotels at key and opportune times, it stated back then it had no plans to sell any on and was rolling out a multi-million euro enhancement strategy for a number of the hotels.
Their actively asset-managed hospitality portfolio includes six hotels and a Dublin hostel — Jacobs Inn near Busáras.
The hotels include the Powerscourt in Enniskerry (previously the Ritz Carlton), Citywest in Saggart where it has been investing north of €10 million, the Mount Wolseley resort in Carlow, the Killashee, Naas, and the Clonmel Park Hotel in Tipperary.
Now, its Mount Wolseley Hotel and Christy O’Connor Jnr-designed golf course near Tullow, Carlow, is on the open market, with agent John Hughes of CBRE, who bills the 143 bed hotel and ancillary attractions as a destination venue, easily reached from the cities of Waterford, Kilkenny and Dublin via the M9, an hour from Dublin and the M50.
It’s not linked to a hotel chain or brand of management, and is effectively unencumbered for any new owner who may wish to add to another hotel portfolio, rebrand it, or continue to trade as-is.
Rurally set, it spans a luxurious four-star resort hotel, conference/banquet facilities, championship golf course, extensive conference, spa and leisure facilities and 16 four-bed, c 1,600 sq ft lodges which serve as an adjunct to the hotel’s 143 beds for larger events.
The spa, under the Sabia Med spa brand (just one of only four in Ireland,) with 14 treatment rooms, plus there’s a health club with 20m pool, gym and fitness studio.
The Christy O’Connor Junior championship golf course plays at 7,200 yards, and hosted the Volopa European Challenge Tour in 2015 and 2016.
The Wolseley Resort is offered in one lot, or with the 16 lodges separate from the hotel, spa and golf resort: no breakdown is indicated for the lots on an individual basis.
According to CBRE’s John Hughes, “the hotel trades exceptionally well and is highly profitable with the potential for further growth.
“The sale represents one of the best opportunities in many years to acquire an established, high-quality four-star hotel in the South East tourist region of Ireland offering enormous potential, and benefiting from multiple revenue generators including golf, weddings, conferences, functions, spa, leisure breaks and special events,” adds Mr Hughes.
© Irish Examiner Ltd. All rights reserved