One of the top resort hotels in Ireland, the Lyrath Estate Hotel & Spa in Kilkenny, is on the market for half its original value.
CBRE Hotels, according to The Irish Times, are seeking offers of more than €20 million for the five-star hotel which was put into receivership in 2012 with a debt reported to be in the region of €50 million.
Owned by Kerry businessman Xavier McAuliffe, €50 million was said to be invested on developing the hotel, including restoration of the 17th century manor house and the addition of a four-story extension to accommodate most of its 139 rooms and its 1,800-seat wedding and function venue.
Denis Curtin of CBRE commented that Lyrath is now "highly profitable" due to the success its wedding and conference business, adding that the resort is "without doubt one of the most successful full service five star hotel operations in Ireland".
