Famed Parknasilla Hotel selling for over €10m

Ownership of the historic Parknasilla Hotel on the Ring of Kerry was due to change this week, with the overseas buyer behind the €10m-plus purchase, represented in Kenmare by DreamIreland businessman Tony Daly.

It is being bought by a recently registered company, Silork Ltd, with the ultimate buyer’s background still unclear, but with firm expectations of a further spend on upgrades in 2013.

Sold by Savills’ Tom Barrett in a smooth process which only kicked off in September, it went ‘sale agreed’ in October after 140 expressions of interest and bidding by around a dozen parties.

Last bought by developer Bernard McNamara as part of a buying/development spree which included the Burlington for over €300m, Parknasilla went up for sale for receiver Paul McCann, of Grant Thornton, for Bank of Scotland.

A four star hotel with holiday lodges, land and golf course, Parknasilla opened as a hotel in 1895 and has a worldwide reputation and brand name, attracting writers, artists, presidents and princesses.

On 486 acres of sheer Kerry beauty, it has 83 bedrooms, 24 self-catering two-bed lodges and 38 self-catering three-bed villas, spa and 180 seat dining facilities and may be developed for conferences.

Tom Barrett of Savills, acting with Isobel O’Regan of Savills’ Cork office, said it was ”an important sale for the Irish hotel industry and is a strong vote of confidence in the future of the industry and one of the most iconic properties. Since Savills commenced marketing Irish hotelsin April 2012, we have agreed or completed the sale of nine hotels for our clients and we expect an equallyactive market in 2013.”

Details: Savills, 01-6181300, 021-4271371


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