€975,000 asking price for Creggan Court Hotel in Athlone
Published 06/04/2014 | 02:30
CBRE have been tasked with selling the Creggan Hotel in Athlone, Co Westmeath for just under €1m.
The hotel is being put on the market on the instructions of receivers Kieran Wallace and Padraig Monaghan of KPMG.
The property is on the market with an asking price of some €975,000.
The Creggan Court Hotel is said to be a "modern 71 bedroom three star hotel which is trading for approximately 12 years".
The hotel is designed for ease of management with a central ground floor reception with access to The Lemon Tree restaurant (seating 80) and entrance to the Granary Bar.
The bar is popular with both guests and locals and serves food daily. The bedrooms are on three levels with passenger lift access. The en suite rooms provide for twin, double and family occupancy. The hotel has four meeting rooms.
John Hughes of CBRE Hotels, who is acting as agent for the sale, confirmed that "this is a popular Midlands hotel which attracts local, tourist, corporate and leisure business. The sale offers an excellent opportunity to acquire a strategically located hotel in the heart of Ireland".
CBRE says the hotel is in a "strategic and easily accessible trading location at the Kilmartin Roundabout adjacent to the M6 Dublin to Galway motorway".
The hotel is situated in the N6 Centre which also includes a Texaco Service Station, McDonalds, Subway and Woodies DIY.
Athlone, on the banks of the River Shannon, is the commercial centre for the Midlands region and is easily accessible from all areas of Ireland.
The town has established itself as a centre for business, shopping, education and entertainment activities.
The hotel is described as being located close to the Athlone Institute of Technology which also includes a recently developed €10m international indoor running track.
Athlone is a popular base for tourists with many water based activities on the Shannon, historic sites in Athlone and surrounding areas, golf at nearby Hodson Bay and Glasson.
The hotel was owned by Frank and Mary Mulcahy's Mulcahy Enterprises, but fell into receivership in August last year.
While the Creggan is the latest in a line of hotels to be put on the market on behalf of receivers there are signs that the market may be beginning to pick up a little bit.
Average revenue per available room has been on the up in recent months and the provincial hotel business has been on the up.
The Mulcahys also owned the Hayes Hotel in the town, which was the venue for the founding of the GAA.
That hotel was put on the market in January and is believed to have been targeted by a team led by Tipperary star hurler Lar Corbett.
When the Hayes Hotel fell into receivership, there were calls for the government to step in in some form to help preserve the historic character of the hotel. That is unlikely to be necessary at this stage, however.
While no deal has been done for the Hayes Hotel as yet, there are said to have been a number of expressions of interest, and negotiations about a possible sale are continuing.
Sunday Indo Business