Rare chance to buy Killarney’s International Hotel as €20m guide set for four-star property

Killarney’s International Hotel, owned by the Coyne family since 1976, is expected to attract strong domestic and international buyer interest

The International Hotel Killarney for sale with agents CBRE guiding €18m-20million

One of the most centrally located Killarney hotels, the 98-bed International Hotel, has been put up for sale for up to €20m, marking the first time in nearly 50 years it has been offered.

One of the first significant hotel sales in Ireland’s top tourism destination in the past decade, the four-star International is being sold by the second generation of the Coyne family, after their late father, estate agent Sean Coyne, acquired it in the 1970s. The International is described as “one of Ireland’s best-known and longest-established hotels” by agent Paul Collins of CBRE Dublin.

Guided at €18m to €20m, it compares with the Nama-promoted 2014 sale of the larger 172-bed Malton Hotel (formerly the Great Southern) to the Scally family, owners of Cork’s Hayfield Manor, for €15m.

The Malton Hotel Killarney in 2012

According to Mr Collins “this is an exceptionally rare opportunity since it is almost a decade since a major Killarney hotel was last brought to the open market. By contrast, the International Hotel has not changed hands since 1976, when it was acquired by the Coyne family. Over nearly 50 years of ownership, they have combined significant investment with respect for the property’s heritage, ensuring its position as one of Killarney’s leading four-star hotels.

Along with its central location, profile and 98 rooms with year-round trade, the hotel is also known for Hannigan’s Bar and Restaurant, “one of the busiest and most popular dining venues in Killarney, which anchors the hotel’s food and beverage offering. alongside a range of versatile event and lounge spaces,” CBRE said.

The International Hotel,  Killarney due to leave Coyne family hands after half a century

Tracy Coyne, MD of the International Hotel, said: “For 50 years we have considered ourselves caretakers of this magnificent hotel. Our curatorship is now coming to a close and the time has come to pass the mantle to new owners who will continue to protect its heritage while driving its success into the future.” 

Notably, the town-centre hotel near Killarney’s National Park is not aligned with any hotel chain: “Opportunities to acquire a flagship hotel of this scale are vanishingly rare. The property is offered free of branding ties, giving new owners the flexibility to continue its established independent identity or pursue a repositioning strategy,” says CBRE’s Paul Collins. 

“The International combines scale, prime location and trading strength, in a destination where hotel sales of this calibre are exceptionally scarce. The International combines the attributes that investors are looking for and we expect strong interest from both domestic and international buyers,” he adds.

The €18–€20m guide price equates to about €190,000 per room, more than double the €87,000 per room paid in 2014 for the Malton Hotel.