Landmark four-star Clarion Hotel on Lapps Quay in Cork for €30m

The landmark four-star Clarion Hotel on Cork's Lapps Quay is on the market at €30 million through joint agents JLL and Savills.

If it sells at its guide price – and based on the current annual rent of €2.4 million – the buyer would secure a net initial yield of 7.66 per cent. It is being offered for sale subject to existing occupational leases with Merzolt Limited (with approximately 25 years remaining), and operated by Choice Hotels Ireland under the Clarion brand.

The 191-bedroom hotel represents a rare opportunity to acquire a modern, high-quality leased hotel investment with extensive conference and leisure facilities in Cork’s central business district.

Designed by Scott Tallon Walker, the hotel opened in 2005 and has an enviable waterfront position within the City Quarter development – right in the heart of the city centre.

Cork's corporate and multinational presence includes Amazon, Apple, EMC2, GlaxoSmithKline, Intel, Pepsi and Siemens.

Dan O'Connor of JLL says the Clarion Hotel Cork is "the largest and arguably the best hotel in Cork city. It offers a strong existing leased income stream with bright prospects for future rental growth buoyed by a robust Cork hotel trading market and positive developments within Cork city, including the announcement that Cork's first convention centre will be constructed nearby."