Cork group bids for Fota resort

A CORK-BASED consortium is bidding to buy Fota Island resort in Cork. The group includes John McHenry, who was director of golf at the K Club when it hosted the Ryder Cup, and hoteliers Carl and Gerard Hanratty of the Hanratty Property Group.

State agency Nama recently put the hotel and its two golf courses, once part of developer John Fleming’s property empire, on the block with a €20 million guide price.

The group is facing competition from a number of other parties including reputed front-runner, Thai billionaire, Andrew Yau, who owns a number of golf courses in the Far East.

The resort occupies 500 acres on Fota Island in Cork harbour and consists of a hotel, two golf courses and 120 lodges, 61 of which have been sold.

Its turnover is estimated at €10 million a year.

The property ended up in receivership in 2010 following the collapse of Mr Fleming’s property and construction businesses, which had debts of €1 billion, after a failed bid for examinership.

A former professional on the European tour, Mr McHenry was director of golf at the K Club in Straffan, Co Kildare, from late 2005 to 2008. He took over the role less than a year before it hosted the 2006 Ryder Cup.

He has also worked as a consultant on the Irish Open for its sponsor, 3, and as a pundit for the Irish Examiner and RTÉ.

The Hanrattys are involved in the hotel business and have properties in Glengarriff, Co Cork, Edinburgh in Scotland and Yorkshire in the north of England.