€2m hotel offers investors a piece of "lucrative" Galway
Published 08/06/2014 | 02:30
THE Clybaun Hotel in Galway has been put up for sale in the first major hotel deal in the city.
CBRE is seeking €2m for the property, which is up for sale on the instructions of joint receivers Patrick Dillon and Michael McAteer of Grant Thornton. The Hotel Clybaun is said to be a "modern, contemporary style" hotel complex, developed in 2001 and located in Knocnacarra, a largely residential western suburb of Galway with a local population of over 12,000.
The three-star hotel, which is understood to be profitable, includes 92 bedrooms and suites, bar, restaurant, conference, function and wedding facilities as well as a leisure centre and spa.
According to Trending.ie, which monitors the important key performance indicators for the hotel industry nationwide, the Galway hotel market is in growth mode with both occupancy and average room rate up on last year and RevPar for the three-star market up 7 per cent in the year to date.
Dermot Curtin of CBRE Hotels said: "In recent years, no Galway city hotels have been offered to the market, and the sale of the Hotel Clybaun now provides potential purchasers with a unique opportunity to acquire a modern, full service hotel in the city, and, by doing so, establish a sizeable foothold in the much sought after, and extremely lucrative, Galway hotel market."
Galway is one of the most progressive cities in Ireland with an already vibrant tourism offering and a growing reputation as an excellent corporate location.
Sunday Indo Business