JOINING Savills’ offer of the Dundrum House Hotel in Tipperary for sale at €2.75m, and the 110-bed Heritage Hotel in Portlaoise for €1.5m, is another Munster hotel — a beachside offer at €450,000, just waiting for the tide of opportunity to turn.
Youghal’s Quality Hotel, with 25 bedrooms and leisure centre with 20-metre swimming pool in East Cork is priced at the level of a similarly-sited coastal bungalow/home, just €450,000.
On the Cork side of Youghal at Redbarn, it is being sold for receiver Michael Cotter of Ernst & Young, via agents Conor Kavanagh and Denis O’Donoghue of Savills.
Run as a three-star tourist offer, the Quality Hotel was built and opened 10 years ago on the miles-long sandy Blue Flag beach at Redbarn. It was developed on the site by the Clarion/Quality Hotels group along with 48 apartment and 52 income-earning holiday homes: the latter sold with 10-year tax breaks back in 2006 for more than €300,000 each.
Savills’ Mr O’Donoghue says the location is exceptional — 35 minutes from Cork city, overlooking the sea and two miles from Youghal along the beach. It has been pitched as a family and leisure business, with demand for the pool and facilities from the adjoining apartments and houses. It can be bought and run independently of its hotel franchise management agreement.
The three-storey hotel’s setting by the beach is just off the N25 Cork/Waterford/Rosslare route, and nearby tourist attractions include Youghal and the Blackwater river, an array of water sports, Fota Wildlife Park, Perks Family Entertainment Centre, Leahy’s Open Farm and the Titanic Experience in Cobh.
The period-era 80-bed Walter Raleigh Hotel in Youghal sold 18 months ago for €400,000 with a €1m-plus revamp and upgrade of function facilities in train.
Youghal/Redbarn’s Quality Hotel has Lannigans 100-seat restaurant on the second floor, Coast Bar, terrace dining and Redbarn Suite conference facilities for business meetings for 50.
According to Conor Kavanagh of Savills, the detached Club Vitae leisure centre (with two astro-turf pitches) has a 20-metre pool, children’s pool, sauna, steam room, gym, Jacuzzi, fitness studio, and four treatment rooms. “This is an easily managed business, ideal for an owner-operator or someone looking to get in to the hotel business at an affordable price,” notes Mr Kavanagh.
Denis O’Donoghue has also launched the Golden Vale’s Dundrum House Hotel and Golf Resort, on 220 acres, near the M8 and an hour from Cork.
Developed around a 1730s Georgian mansion by the Crowe family in 1981, popular for weddings and with a Philip Watson designed golf course on 160 acres, the 67-bed Dundrum House is being sold for receiver Kieran Wallace of KPMG: it has been run by the Dalata Group since Spring. It includes 16 self-contained apartments, and six coach-house suites, and there’s planning for a second hotel, sports academy and conference complex.
Details: Savills, 021-4271371
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