A Golden opportunity

A strong local trade, in the heartland of Munster’s Golden Vale, underpins the good trading figures at the Charleville Park Hotel — just released to market.

The purpose-built 91-bed hotel on the Limerick-Cork border dates just to 2008, and replaced a long-established, mere 20-bed single storey hotel, the Deerpark, which sold back in 2003 for €1.6m to a Limerick buyer.

Now, the fully-completed hotel with 25m swimming pool, 1,300-member leisure club and conference centre/ function room for 800 persons is being sold via agents Savills, guiding €3.75 million.

Agent Denis O’Donoghue, acting with Tom Barrett, says it’s a good opportunity to acquire a four-star hotel which he says is trading profitably, and is currently managed by BDL Ltd (since 2012), but can be bought free of this management contract.

It was owned by the Cork Luxury Hotels Group, whose other properties included the Ambassador in Dublin, bought for c €1.5m by Dublin North Star hotelier Brian McGettigan, and the Oriel House, in Ballincollig, which went to market last month also with Savills, guiding €6 million, under strong viewings (and Savills report over 65 inquires on the Blarney Golf Resort, guiding €2.5m)

Back on the Limerick-Cork border, the 91-bed Charleville Park Hotel and Leisure Club has two bars, restaurant, conference and banqueting facilities, nightclub and ballroom. The entire complex is on a site just shy of six acres facing the N20 on the edge of the town. It’s also within easy access of both Cork and Shannon airports.

The town’s largest employer is Golden Vale/Kerry Group, and given the hub setting between Limerick (35kms) and Cork (60kms), it encouraged Lidl to site its Munster distribution base here back in 2007, while retail is represented by the likes of Dunnes, Lidl, Aldi, and long-established quality haberdashery Moran’s. Other employers include engineering firm BCD and car components manufacturer, Kostal.

“Being the only hotel in Charleville, trade is driven by the town and its large surrounding rural catchment,” say Savills, adding that both Cork and Limerick have experienced RevPAR [gauge for profitability] growth in 2013.

Denis O’Donoghue of Savill’s notes that the Charleville Park Hotel “is in excellent condition and has a good mix of leisure and corporate business, is trading profitably and is well positioned to capitalise on the strong recovery being experienced in the hotel sector at present.”

* Details: Savills, 021-4271371


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