Property advisory firm Savills Ireland has announced the successful sale of the Maldron Hotel in Oranmore, Galway.
Details
The hotel, which is a popular and well-established hospitality property in the region, has been acquired by a private investor and will continue to be leased and operated by Dalata Hotel Group. The sale was handled by Tom Barrett, director of hotels and leisure at Savills Ireland.
The Maldron Hotel Oranmore is situated just off the N18 – a ten-minute drive from the city of Galway. The hotel includes 113 guest rooms, a bar and restaurant, a leisure centre, meeting rooms, and parking.
Dessie Kilkenny of CBRE represented the purchaser.
The hotel was placed on the market for sale as an investment for €13 million.
It opened in 1998 and has since been extended.
The property was offered for sale subject to an existing occupational lease with Caruso Limited, guaranteed by Dalata (over 11 years remaining) and operated by Dalata Ireland under the four-star Maldron brand.
At €13 million, the upward-only annual rent of €900,000 at the time that the hotel was put on the market represented a net initial yield of 6.3%.
Statement By Director Of Hotels And Leisure At Savills Ireland
Savills’ Barrett commented on the sale, saying, “We are delighted to have managed the successful sale of the Maldron Hotel Oranmore, Galway, to a private investor. This transaction highlights the continued confidence in the Irish hospitality market, particularly for well-established and well-located assets, such as the Maldron Hotel.”
Read More: Maldron Hotel Oranmore, Galway, Being Sold
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