Thursday, April 24 12:04:56
The Cavan Crystal Hotel is now on the market on behalf of the Receiver, Kieran Wallace of KPMG with a guide price of around E2.5m.
The hotel fell into receivership in December 2012 after ACC moved to recoup E12m of loans secured against the business.
Built in 2002, the 4 Star hotel is located on the main approach to Cavan town and features 85 bedrooms, bars, restaurant, conference and banqueting facilities and leisure centre, according to Savills Hotels and Leisure, who have been appointed as selling agents.
It has established itself as a popular business and wedding venue with 5 air-conditioned conferencing suites which can cater for between 14 - 65 delegates, and two function rooms, the Balavaun Suite and the Trinity Suite catering for 600 and 450 theatre style or 400 and 250 banquet style.
The hotel's Leisure Club, which has over 500 members, comprises of an 18 metre swimming pool, jacuzzi, sauna, steam room and a fully equipped gym. The hotel also includes a beauty salon and hair salon - further expanding the leisure offering. Also included in the sale is the former Cavan Crystal retail show room - which forms part of the main hotel - and a separate large modern industrial unit, located to the rear of the hotel.
According to Savills, Cavan Crystal is a consistently profitable hotel. It benefits from a strong existing trade and further growth is forecasted. Its large local catchment area has developed a strong mix of both corporate and leisure business.
Tom Barrett, Head of Hotels and Leisure at Savills said, "This is a fantastic opportunity to acquire a strong local hotel benefitting from an established mix of leisure and corporate business. It is trading profitably and is well positioned to capitalise on the strong recovery being experienced in the hotel sector at present. This is an excellent opportunity to purchase a hotel with both well-established and growing trade."