Kennedy Wilson puts Portmarnock Hotel & Golf Links on market at €50m
US real estate investor acquired famous Dublin resort for €27m in 2014
Portmarnock Hotel & Golf Links has a unique connection to the Jameson whiskey family
US real estate investment group Kennedy Wilson will be hoping to secure a significant return on its investment in the Portmarnock Hotel & Golf Links with the launch of the property to the market at a guide price of €50 million.
Since being acquired by the current owners for €27 million in 2014, the renowned Dublin resort has undergone a thorough upgrade involving all 134 of its guestrooms, and its banqueting and conference facilities.
A new award-winning spa and enhanced golf experience were also added as part of the hotel’s €5 million refurbishment programme.
Located immediately adjacent to Dublin’s “velvet strand”, the Portmarnock Hotel & Golf Links has a celebrated history dating back over 172 years. A combination of 18th and 19th century elegance, the property has a unique connection with the Jameson whiskey family by virtue of the fact that it was once their family home and private golf course. That connection is reflected to this day in the form of the club’s historic Jameson Bar, which had been a part of the family’s original house.
For lovers of the game of golf, however, the resort’s 18-hole championship links golf course, designed by two-time Masters champion Bernhard Langer, is undoubtedly its main draw.
Portmarnock’s appeal to prospective purchasers comes from its potential for further growth in the areas of trading performance, asset management and development, according to the selling agent JLL .
Dan O’Connor, executive vice-president at JLL’s hotel division, says: “Since 2014 Portmarnock Hotel & Golf Links has undergone an extensive capital investment programme, covering every area of the hotel and transforming the property into one of Ireland’s leading golf resorts.
“Now ranked amongst the top 20 golf courses in Ireland and recipient of notable awards, including golf resort of the year, the resort is superbly placed for further performance growth.”
John Moran, JLL Ireland chief executive, added: “Portmarnock Hotel & Golf Links is now a highly-profitable and rare asset, with global appeal. We are launching an international marketing campaign today, and are expecting significant international interest in this prestigious resort”.