The landmark Clarion Hotel Cork has been placed on the market with a guide price of €30 million by Savills and JLL.
Designed by Scott Tallon Walker, the hotel opened in 2005 and has an enviable waterfront position within the City Quarter development on Lapps Quay – the heart of the Central Business District in Ireland’s second largest city.
Cork, as the commercial centre for the south, enjoys strong corporate and multinational presence including Amazon, Apple, EMC2, GlaxoSmithKline, Intel, Pepsi and Siemens. Cork is a leading tourist destination and is the gateway to the Wild Atlantic Way.
Offered for sale subject to existing occupational leases with Merzolt Limited (approximately 25 years remaining), and operated by Choice Hotels Ireland under the four star Clarion brand, the 191 bedroom hotel represents a rare opportunity to acquire a modern and very high quality leased hotel investment.
The hotel has extensive conference and leisure facilities and is probably the finest hotel in Corks CBD.
According to Savills, at €30m, the current annual rent of €2.4m represents a net initial yield of 7.66%.
Tom Barrett, Head of Hotels & Leisure, Savills commented, “Cork hotels are very busy with high occupancy rates and RevPAR growing for the last 5 years. The Clarion represents a great opportunity to acquire the leading hotel in Cork, a market in which twelve hotels have transacted in this cycle of the property market.”
