€30m for portfolio of three top hotels
Metropole, Ormonde Hotel and Malton to be sold as a portfolio or in individual lots
The Kilkenny Ormonde Hotel – guiding €11.5 million
In the first sale of a hotel portfolio in almost a decade, Nama is to seek buyers for three profitable hotels in Cork, Kilkenny and Killarney.
The hotels will be sold as a portfolio or in individual lots.
Peak priceThe Galway developer Gerry Barrett bought the Malton and another former Great Southern hotel, the Meyrick in Galway, for about €40 million each, in 2006.
As an individual lot, Savills is quoting €15 million for the Malton, Killarney, which has been trading for more than 160 years and stands on mature grounds extending to 12 acres.
The 172-bedroom hotel is best known for its conference and banqueting facilities and its strong wedding business.
Savills is also expecting in excess of €11.5 million for the Kilkenny Ormonde Hotel, which has 118 bedrooms, conference and banqueting accommodation and a multistorey car park with 712 spaces on the opposite side of the road.
The hotel alone is understood to have cost more than €20 million to develop.
DatedThe dated Gresham Metropole Hotel in Cork has been trading since 1897 and was acquired before the recession by Brian Cullen’s Gresham group.
Savills is now quoting €4 million for the 112-room hotel, which also includes the Leeside Leisure Centre.
Tom Barrett says the sale of the profitable hotel portfolio would provide a unique opportunity for both existing hotel owners and operators and those seeking to enter the market for the first time.
“All the hotels are trading very well and are generating significant profits. We expect considerable interest in the portfolio.”