Sales of hotels continue

New owners of Cork city’s Metropole Hotel are the Philips Hotel Group, who acquired the Cork International Airport Hotel, for c €5m, back in 2012.

The Metropole purchase precedes another strong Cork hotel sale, of the Carlton Hotel in Kinsale, understood to be making just over €6m via agents Savills. It is being sold to a new entrant to the busy Irish hotel transaction market, believed to be from Scotland.

The Carlton Hotel sale is advanced, but no announcement is imminent, according to Savills’ Denis O’Donoghue. The 70-bed Carlton Hotel, on 89 acres and with 14 lodges, attracted widespread inquiries, and the strength of the price paid, at almost 50% over the €4.25m guide, will raise comment, although it is now trading profitably. It was developed at a reported cost of €35m, and opened almost a decade ago.

Meanwhile, contracts are now signed for the 112-bed Metropole Hotel, home to the city’s Jazz Festival and with a 1,000-member strong leisure centre. It is changing hands for an unconfirmed €5m to the Phillips Group, represented by West Cork-based hotelier Vincent O’Farrell, having been guided at €4m by CBRE.

CBRE had offered the Gresham Metropole for sale as part of the Nama/Crystal Collection of seven Irish hotels, valued all-in at €35m. But, all are being acquired individually.

Also sold out of the Crystal Collection was Tralee’s 165-bed Fels Point hotel, guided at €4m and being bought by US-based buyers the Henggler family, whose late daughter Dorothy Hengglere was the Washington DC Rose in 2011. That deal is to close in early June, and bodes well for further development of the Dome festival venue at the hotel site.

Also sold out of the portfolio is Wexford’s Maldron (guide €3.5m), acquired by Dalata, and deals are progressing on Limerick’s 124-bed South Court Hotel (guide €2m) among others, with announcements due in coming weeks.

Details: CBRE, 01-6185500; Savills, 021-4271371


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