Comer brothers buy Kilternan hotel complex at 96pc discount
Published 13/08/2014 | 02:30
A Dublin hotel has been sold for less than 5pc of what it cost to build.
The Kilternan Hotel and Country Club in south Dublin has been bought by the Comer brothers for about €7m. It will cost another €20m or so to finish construction on the property.
The hotel, which was controlled by the late businessman Hugh O'Regan, was financed to the tune of some €171.5m by Irish Nationwide at the height of the property boom nearly a decade ago.
Mr O'Regan was behind the Morrison Hotel on Dublin's quays, which is now owned by Russian billionaire Elena Baturina, as well as the Thomas Read pub chain. He died in 2012.
The hotel was owned by three companies controlled by Mr O'Regan which collapsed in 2009 with debts of nearly €200m.
The development includes a spa, banqueting hall, lounge and service facilities as well as a 128-bed hotel and 78-bed aparthotel. The 300-acre site had contained a golf course as well but it has been mothballed.
Mr O'Regan bought the site for €12.7m from US businessman Chuck Feeney in 2001. He envisaged a hotel, leisure and conference centre that would include a theatre and "global innovation campus".