Seven provincial hotels in Ireland will be offered for sale at a total price in excess of €35 million, according to reports.
The Irish Times reports that John Hughes of selling agents CBRE maintains that all seven hotels are profitable, as the provincial hotel market has take an upsurge recently.
Six of the hotels on the market, however, are being sold as 'distressed assets' by the funding banks. Combined, the hotels will fetch more than €35 million on the market, according to guide prices set by CBRE.
The highest asking price is for the three-star, 113 bedroom Glenroyal Hotel & Leisure Centre in Maynooth, which is set at €10.5 million.
With a guide price of more than €6.5 million, the Johnstown House Hotel and Spa near Enfield looks set to attract some strong interest, as will Fels Point Hotel in Tralee, famous for its connections with the Rose of Tralee Festival, with a guide price of over €4 million.
The three-star Maldron Hotel at Bamstown, Wexford will be the only of the seven sold as an investment, with a guide price of €3.5 million.
Also being offered are the Metropole, Cork (€4 million) Killeshin Hotel, Portlaoise (€3 million) and South Court Hotel (€2 million).
The hotels may be sold all at once, in blocks or individually, according to the report. With sales of hotels on the rise due to rising property values and banks deleveraging, CBRE said it's confident they will find suitors for all the properties.
