Commercial Property

Saturday 26 July 2014

Malton for sale in €30m three-hotel package

Neil Callanan

Published 11/06/2014|02:30

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The Metropole Hotel, Cork. Picture: Valerie O'Sullivan/Provision
The Metropole Hotel, Cork. Picture: Valerie O'Sullivan/Provision

The 160-year-old Malton Hotel in Killarney, where Jacqueline Kennedy and her children holidayed in the 1960s, and two other Irish hotels have been put up for sale for €30m. That's €10m less than The Malton alone sold for in 2006.

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The 172-bedroom Malton is being sold together with the Metropole Hotel in Cork and the Kilkenny Ormonde Hotel in the city of the same name, broker Savills said.

The properties can be purchased individually or as a portfolio.

The value of Irish hotels that will be sold this year will be more than €350m, compared with about €200m in 2013, Savills said yesterday.

"This is the first portfolio of Irish hotels to be offered for sale in almost a decade," said Tom Barrett, head of Savills' hotel and leisure unit in Ireland. The hotels are profitable and "considerable interest" is expected, he said.

The decision to sell the properties was made after domestic and overseas investors approached the owners to ask about purchasing them, according to Savills. The owners weren't identified.

Irish Independent

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