PRODUCT PROFILE

Latest Dublin Prices

Receiver sells Clare Inn for E2.1m

Thursday, July 12 10:24:27

The receiver appointed by Bank of Scotland to the Clare Inn Hotel has sold the property as a going concern for E2.1m - securing over 150 jobs.

Michael McAteer, Receiver of Grant Thornton was appointed by Bank of Scotland plc and Savills Hotels and Leisure advised on the sale.

The Clare Inn Hotel is located at the Dromoland interchange on the M18 Motorway adjacent to the internationally renowned Dromoland Castle.

The property is 15 km from Shannon Airport, 31km north of Limerick City and 70 km south of Galway City.

The 3 star property comprises 183 bedrooms, bars, restaurant, conference and banqueting for up to 450 people. There are extensive ancillary facilities including a full leisure club, kids club, tennis, crazy golf and pitch & putt. There is an extensive car park which can cater for approximately 300 cars. The site extends to approximately 8.5 hectares (21 acres).

Under the instruction of the Receiver, in January 2011, Dalata Hotel Management was appointed to manage the hotel under a short term management contract. Since appointment Dalata succeeded in enhancing the performance and marketability of the business.

Over a four week high-profile marketing campaign, Savills Hotels and Leisure managed over 100 enquiries and secured a purchaser in the form of Dromoland Castle. The purchaser has plans to invest in the property and the sale secures over 150 full and part-time jobs.

According to Tom Barrett of Savills; "This sale is indicative of the re-emerging hotel transaction market in Ireland. With almost twenty Expressions of Interest received, it is evident that investors see value in Irish hotel assets."