Wednesday 26 October 2016

Maritime Hotel in Bantry on the block guiding €1.5m

Published 24/09/2015 | 02:30

The Maritime Hotel in Bantry is on the market for €1.5m
The Maritime Hotel in Bantry is on the market for €1.5m
The Commons Inn Hotel in Cork

Savills has been appointed to sell the Maritime Hotel in Bantry, Co Cork with an asking price of €1.5m.

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The Maritime Hotel opened at the beginning of 2006 and comprises a modern purpose built 110 bedroom four star hotel with a bar, restaurant, ballroom and leisure centre on a magnificent site overlooking Bantry Bay.

Also included are 80 basement car parking spaces, a 6,000 sq ft. medical centre occupied by the HSE and a Doctors Surgery which is let for the next three years.

The property fronts the busy N71 West Cork route and is also on the 2,500km Wild Atlantic Way which stretches through nine counties from Cork to Donegal and connects Bantry with the picturesque towns of Clonakilty, Skibbereen, Glengariff and Kenmare.

Bantry is located in the heart of West Cork and has a long maritime tradition. It is a renowned tourist destination and a natural anchor point for tourists wishing to explore local attractions such as the Beara and Kenmare Peninsulas, Mizen Head, Bere Island, the Sheeps Head Way and south County Kerry. Bantry is noteworthy for storing up to one third of the country's oil reserves on Whiddy Island. This facility co-exists with its rich maritime and agricultural base and there are numerous artisan producers benefitting from Bantry's unique micro climate and unspoilt waters and landscapes.

The hotel has an award winning ground floor restaurant and was voted National Eco Restaurant of the year 2015 for the second year running, at the Irish Restaurant Awards. The bar which has a full menu is at ground floor level and has views of the bay. The main function room is at first floor level and is a popular wedding venue with capacity for 290 guests. There are 51 standard double rooms, 28 two bedroom suites and three one bedroom suites.

According to Denis O'Donoghue of Savills; 'The Maritime Hotel presents an excellent opportunity to acquire a trading hotel operating under a management agreement with further growth potential.

"With the continued recovery in Hotel business and the quality of the property relative to the guide price, this is an excellent proposition for any purchaser. Bantry is one of Ireland's top tourist towns and also has a very strong local economy supported by marine and tourism services, its proximity to Cork City and Airport and the popular West Cork tourism region," he said.

The hotel is operated under a management agreement, is said to be trading well and caters primarily for leisure guests.

Savills say this sector has experienced a strong rebound in activity particularly over the past two years, driven by improving domestic conditions and an increase in tourism numbers with 4.8 million arrivals recorded from January to July this year, representing a 12pc increase or an additional 520,000 overseas visitors when compared with January to July 2014.

This trend is likely to continue and the sustained increase in the US Dollar and Sterling exchange against the Euro should see extra activity from these high spending markets, Savills added.

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