THREE TOP IRISH hotels are set to be sold off for a combined €30 million, €10 million less than one of them sold for in 2006.
The Malton in Killarney, the Metropole in Cork and the Kilkenny Ormonde Hotel are to be sold either together or separately as part of what agents Savills say is the first hotel portfolio sale for almost a decade.
The four star Malton Hotel is the most famous of the three having been trading for over 160 years and better known as the former Great Southern Hotel.
The hotel and 12 acre gardens were bought by a developer in 2006 for about €40 million and then bought again by a group of local businesspeople the following year for about the same figure.
The 172 bedroom hotel was the production base for the 1970 David Leen film Ryan’s Daughter with some filming taking place on the grounds. It is also known for hosting a number of dignitaries throughout the last century such as Princess Grace of Monaco and Jackie Kennedy.
The 112 room three star Metropole Hotel in Cork is also part of the portfolio with the well established business having been there since 1897. A bar, restaurant and gym also form part of the Leeside business.
The portfolio is completed by the Ormonde Hotel in Kilkenny City which includes the 118 bedroom four star hotel and 10 meeting rooms. The adjacent eight level Ormonde Street car park is also part of the sale.
Head of hotels at Savills Ireland Tom Barrett says that all three businesses are profitable and he expects significant competition for the portfolio.
“It is an excellent opportunity to acquire three highly regarded and profitable hotelsfor both existing hotel owners and operators and those seeking to enter the Irish hotel market for the first time,” he says.
To embed this post, copy the code below on your site
have your say