Hotel portfolio makes over €35m

Irish buyers purchased six of seven hotels

Glenroyal Hotel & Leisure Club in Maynooth, Co Kildare: bought by the Comer Group for €10.5 million

Glenroyal Hotel & Leisure Club in Maynooth, Co Kildare: bought by the Comer Group for €10.5 million

 

A portfolio of seven hotels first offered for sale in January has sold for over €35 million.

The so-called “Crystal Collection” included the Glenroyal Hotel & Leisure Club in Maynooth, Co Kildare; Fels Point Hotel in Tralee, Co Kerry; Johnstown House Hotel & Spa in Enfield, Co Meath; the Killeshin Hotel in Portlaoise, Co Laois; South Court Hotel in Raheen, Co Limerick; the Maldron Hotel at Barnstown, Wexford; and the Metropole Hotel on MacCurtain Street, Cork.

The 113-bedroom Glenroyal was bought by the Comer Group for €10.5 million; Cork’s Metropole was bought by UK-based Philip Hotel Holdings for over €5 million (€1m over the guide); Fels Point was purchased by the parents of 2011 Washington DC Rose, Dorothy Henggeler, for over its guide price of €4m; Hotel group Dalata agreed to acquire the Maldron Hotel Wexford for €3.53 million; and businessman Pat McDonagh, who set up the Supermacs fast food chain, bought the Killeshin Hotel which was guided at €3 million.

The remaining two hotels, Johnstown House and the South Court, made close to their guide prices of €6.5m and €2m respectively.

Irish buyers

John Hughes

Around 60 Irish hotels changed hands in 2014 with an aggregate sale price of €555m. Market observers expect this figure to be comfortably surpassed this year. Agent DTZ reported recently that €126 million worth of hotels were transacted in the first quarter of this year, up 37 per cent on the first quarter of last year.