Described as one of the most profitable hotels in Ireland, and certainly on one of the largest land holdings at 1,250 acres, the Farnham Estate hotel has officially gone to market this week, guiding €26m, a fraction of the reported €85m investment cost when developed by pharmacy chain owner Roy McCabe a decade ago.
The sale of the highly-profitable business does not include holiday homes, also built on the grounds, at a further cost of tens of millions of euros and at one stage offered for sale at individual prices from €400,000 to €700,000.
Trading under the Radisson Blu brand, the Co Cavan Farnham Golf & Spa Resort gets business from Dublin, Belfast and Galway among other catchments, with four million people within a two-hour drive, note agents Aaron Spring and Tom Barrett of Savills, acting for receiver Aiden Murphy of Crowe Howarth.
A superlative development, it has a one-acre (40,000 sq ft) spa and leisure facility among its attractions and last year hosted 120 weddings.
“The hotel is trading exceptionally well, with further growth forecast,” say the agents.
They also say it can be bought with or without its management agreement or franchise, as required.
The estate centres around a 17th century estate which at one stage had 24,000 acres.
Its earliest owners, the Waldrons, sold in the mid 1660s to repay gambling debts and it was bought by a Bishop Robert Maxwell, starting a Maxwell family connection that ran for the next 330 years, until bought in the early 2000s for over €6m by multi-pharmacy owner, Roy McCabe who has Cavan roots and who had a grand hospitality vision for the property.
As a Radisson Blu, it runs as an upscale four-star, 158-bed hotel with 20 suites, extensive spa and 18-hole golf course, designed by Jeff Howes.
Centred around the restored mansion, the hotel has conference and meeting rooms for 380 conference delegates.
The 40,000 sq ft spa, one of the country’s largest, was designed by Heinz Schletterer and has 19 treatment rooms, sauna, aroma baths and laconium, plus there’s an indoor/outdoor hydrotherapy infinity pool, and gym.
The size of the estate at 1,250 acres allows for a seven km cycle/walkway within its grounds, with several trails and lakes with fresh-water fishing.
A number of lodges were also developed at Farnham, but do not form part of the €26m hotel sale.
The scale of the property allows for further future potential development, add Savills.
Against a backdrop of growth and marked recovery in Irish tourism, Tom Barrett, head of Hotels & Leisure at Savills, commented that “Farnham Estate is one of the largest and most profitable hotel resorts in Ireland.
"Combined with immense heritage, it will appeal to both domestic and international buyers”.
Details: Savills 01-6181300
© Irish Examiner Ltd. All rights reserved