West Cork’s Westlodge Hotel in Bantry is now facing a sale by tender, by December 5, to effect a sale by the year-end CGT expiry deadline.
Established 40 year ago overlooking Bantry Bay, it went for sale in April guiding €2 million, via agents Peter O’Flynn and Eoin Ryan of DTZ Sherry FitzGerald.
Critically, the 100-bed hotel is on 25 acres, and has further development scope. It was significantly invested in the mid-2000s, when upgraded conference and function facilities were added.
It now needs further modernising and is being sold for joint receivers and managers Kieran Wallace and David Swinburne of KPMG.
DTZ say there’s evidence of recovery in the West Cork hotel trade, with demand for hotels in regional and coastal settings. The Westlodge above Bantry is a three-star 100-bed (all en suite) hotel with nine self-catering cottages, two bars, two restaurants and a leisure centre with pool, etc. The Seafield Centre, added in the mid-2000s, has conference facilities for up to 300 persons.
Interest around and possibly over the April €2m guide is expected by tender offer by DTZ, who are also currently assessing offers made for the valuable Marion Point site in Cork Harbour.
Details: DTZ Sherry FitzGerald, 021-4275454
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