Cork, Kerry and Limerick hotels are among a portfolio of seven profitably trading Irish hotels being sold as a bundle, or individually, by Nama in the so-called Crystal Portfolio, valued all-in at €35m and totalling over 830 beds.
Six of the seven are new offers to market, via agents CBRE, while Cork city’s Metropole Hotel had been for sale last year as part of another €30m cluster of hotels with different agents, Savills, and which included the Malton in Killarney, and Kilkenny’s Ormond Hotel.
Those two latter hotels sold in 2014, now, the 112-bed three-star Metropole Hotel’s price guide via CBRE remains unchanged, at €4m, and is widely associated with the city’s annual Jazz Festival. Its leisure centre has 1,000 members.
Cork’s Metropole forms part of a Munster trio in the bundle that includes Tralee’s largest hotel, the four-star 165-bed Fels Point Hotel, guided at €4m and isa Rose of Tralee Festival venue, along with Limerick’s 124-bed South Court Hotel guided at €2m, with conference facilities capable of hosting 1,200 visitors.
Most valuable is Maynooth’s Glenroyal Hotel & Leisure Club, at €10.5m: although it only has 113 beds, it trades very well and the leisure centre has an extraordinary 3,700 members.
Kildare’s 126-bed Johnstown House Hotel, with top-notch spa, is guided at €6.5m, while Portlaoise’s 87-bed Killeshin Hotel (with Limerick developer links) is guided at €3m.
Also for sale as an investment is the 108-bed Maldron Hotel Barnstown, Wexford, at €3.5m, let on a 25-year lease from 2002 at €300,000 pa.
The hotels are offered via CBRE for Nama and several receivers, but all trade very well and are profitable in their own right, stress Dermot Curtin and John Hughes of CBRE.
Apart from individual interest, there may be portfolio or sub-portfolio interest from the likes of Dalata or iNua Hospitality, who now have two Munster Radisson hotels and who last week confirmed their purchase of the Muckross Park Hotel in Killarney.
“The Crystal Collection is likely to generate keen interest from national and international buyers who have this rare opportunity to acquire a significant platform and scale, with 835 bedrooms in excellent strategic locations throughout Ireland,” they add.
Details: CBRE 01-6185500
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