Portmarnock Hotel & Golf Links tees up for €20m sale

The Portmarnock Hotel & Golf Links on the north Dublin coast is to be formally offered for sale this week on the instructions of Nama.

Dan O'Connor of JLL, who is handling the sale on behalf of receiver Simon Coyle of Mazars, expects to secure in excess of €20 million for the 136-bedroom hotel and the adjoining golf links course which extends to 170 acres.

He said there was obvious potential to develop a substantial new clubhouse on the course as well as a driving range.

The Portmarnock hotel and grounds were bought by Capel Developments in 2005 for €70 million as part of a property play in north Dublin.

The Dublin hotel market has now recorded three consecutive years of revenue growth with the market now outperforming most UK cities except London. An increase in investor interest has led JLL to set up a new hotel division.