Hotels In Enfield Meath – Seven provincial hotels are on the market for sale at over €35 million as the market shows signs of recovery.
Seven hotels worth more than €35 million are up for sale as the provincial hotel market shows signs of recovery.
Hotels In Enfield Meath
According to John Hughes of selling agents CBRE, all six are profitable, although the financing banks are selling them as distressed assets. A seventh hotel, the Metropole in Cork, is also trading successfully.
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The most expensive hotel on the market is the Glenroyal Hotel & Leisure Center in Maynooth, Co Kildare, priced at €10.5 million and owned by Ray Grehan. 2.04 acres former UCD Veterinary College in Ballsbridge in 2004.
CBRE is confident of finding buyers for all seven hotels sold as single lots or blocks or individually. Last year, 63 hotels changed hands, with a total value of just over 341 million euros. The consensus is that if banks continue to divest, they will sell again this year if possible.
There are also many companies that have bought hotels as property assets or credit sales in recent years looking to cash in on the most established real estate values in Dublin. Although the city’s overcrowding rate is among the highest in Europe, the average cost per room still lags behind most other countries.
The Glenroyal Hotel has a three-star rating and 113 bedrooms. It has a leisure club with 3,488 registered members last July, as well as conference and banquet facilities. Currently managed by Prem Group, close to Glenroyal train station and local university.
Hotel The Johnstown Estate
There is also likely to be a strong bid for Johnstown House Hotel & Spa near Enfield, Co Meath, with a guide price in excess of €6.5 million.
The four-star hotel is based on a Georgian country house and has 126 bedrooms, as well as an Elemis spa and leisure centre. The Johnstown’s ability to cater for up to 900 people in its conference and banqueting facilities is a key selling point for the hotel, located just off the M4 Galway motorway and within easy driving distance of Dublin. The hotel has been operating since 2000.
Two of the hotels for sale have a guide price of more than €4m – the Metropole on McCurtain Street in Cork and the Fells Point Hotel in Tralee, Co Kerry. The three star hotel in Cork was built in 1897 and has 112 bedrooms. There is an exceptionally popular leisure center with 1000 members with a 20m swimming pool, jacuzzi, sauna, flow room and fully equipped gym. The hotel also has 11 private meeting rooms that can accommodate up to 500 people.
The Tralee Hotel has 145 bedrooms, including 18 executive suites. There are also function rooms, a bar and a restaurant. The four-star hotel is in a highly visible location close to the city center and is synonymous with the annual Rose of Tralee Festival.
The Johnstown Estate Hotel And Spa
Only one of the seven hotels for sale – the three-star Maldron Hotel in Bumstown, Wexford – is being sold as an investment. Agents are quoting a guide price of €3.5 million for the 108-bedroom hotel on a 25-year lease to Dalata Hotel Group since December 2002, at a current rent of €300,000 per annum. This modern-style hotel is located on the Wexford and Rossler Road from Dublin and has a leisure club, executive rooms, bar and restaurant.
The Killeshin Hotel on the outskirts of Portlaoise has a guide price of €3 million. Opened in 2007, the four-star establishment has 87 bedrooms, as well as a spacious conference and banquet hall, a leisure center with a gym and swimming pool. There is an excellent basement and surface parking.
CBRE is offering a €2m guide for the South Court Hotel in Raheen, Limerick, which has the largest conference rooms in the region, accommodating up to 1,200 people.
The three-story hotel above the basement has a standard gymnasium and numerous bedrooms, including high-end designer suites by Paul Costello.
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