The €20m sale of Limerick city’s four-star Strand Hotel has gone through to US billionaire John Malone: he adds it to his other Irish hotel investments, such as Dublin’s Hilton Hotel, the Westin and the Trinity City Hotel.
Mr Malone – who acquired Humewood Castle two years ago – has now spent up to €150m on Irish hotels, and may not be finished yet. Waterford Castle, perhaps, given a penchant for castle and hotel purchases?
The Strand Hotel has reportedly been bought for over €20m, via joint agents Savills and CBRE, after being offered to the open market in September, guiding €17m.
Originally developed at a reported €40m in 2007, the hotel was previously associated with John Lally’s Lalco Group, and was trading profitably: it’s described as “one of the finest hotels in the Mid West region of Ireland.
It overlooks the River Shannon, near all amenities and shopping as well as the GAA’s Gaelic Grounds and Thomond Park. It has 13 meeting rooms, 184 air-con bedrooms, River Restaurant and Terrace Bar, banqueting facilities for up to 600, and a 900-member strong Energise gym and fitness centre with 20m pool, along with 200 basement car parking spaces.
The latest deals now bring to 45 the number of Irish hotel sales in the first three quarters of 2014, up hugely from €160m for all of 2013. Strand buyer John Malone is reckoned to be the largest landowner in the US, controlling 2.1m acres, and is also involved in UPC and other cable providers globally. His three main Dublin hotels are run by Lalco, who also run other hotels in Galway.
“The acquisition of the Limerick Strand Hotel by such a high profile international investor is a real confidence boost for the overall Irish hotel market – and especially for the Limerick region,” say CBRE’s Dermot Curtin and Savills Tom Barrett.
Details: CBRE 01-6185500
It is described as one of the finest hotels in the Mid West of Ireland
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