Saturday 22 October 2016

Maynooth's Glenroyal Hotel changes hands for close to €10.5m asking price

Published 30/07/2015 | 02:30

The Glenroyal Hotel in Maynooth, which has been bought for an estimated €10.5m
The Glenroyal Hotel in Maynooth, which has been bought for an estimated €10.5m

The Glenroyal Hotel in Maynooth has been sold for close to €10.5m.

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CBRE Hotels have confirmed the successful sale of the Glenroyal Hotel & Leisure Club, Maynooth Co Kildare which had been included in the Crystal Collection hotel portfolio sale.

The hotel, which is said to be a hugely popular venue, was offered for sale on the instructions of the receivers Michael McAteer and Paul McCann of Grant Thornton. The hotel was purchased by The Comer Group.

The Glenroyal Hotel & Leisure Club was developed and opened in November 1995 as part of the Glenroyal Centre which was also Maynooth's first modern Shopping Centre. Built to a very high standard the hotel has since been extended and now comprises 113 spacious bedrooms, extensive conference and banqueting facilities, a leisure club, several bars and restaurants and a large unused nightclub or event space.

The three storey hotel extends to a total floor area of approximately 130,820 sq ft.

According to CBRE, the Glenroyal Hotel enjoys an "excellent" town centre location on the Straffan Road close to Main Street and shares a large site with the Glenroyal Shopping Centre and apartments. The hotel is beside the town's railway station, Maynooth University campus and is 1.25km from the M4.

"Maynooth, an important commercial centre and a dormitory town for Dublin City, is also home to Maynooth University (NUIM) which is the fastest growing university in Ireland with 9,000 students and 800 academic and administrative employees," said CBRE.

"Some of Ireland's biggest manufacturing facilities are located in this region and global giants such as Intel, Hewlett Packard and Pfizer have their European HQ's in the area and are amongst the largest providers of high paying employment in the country. Maynooth Business Park has over 100 companies located on campus. Maynooth has excellent connectivity with Dublin city and Dublin Airport and also with the rest of Ireland via the M4 to Dublin and to the M50," the firm added.

John Hughes, who was CBRE's agent on the sale, commented: "The Glenroyal Hotel & Leisure Club generated keen interest from national and international buyers and confirms the level of interest in well located hotels in Ireland and in particular hotels close to Dublin"

The Crystal Collection was a portfolio of seven hotels in Leinster and Munster with a combined €35m price tag for which CBRE is currently assessing best bids.

The other hotels in the portfolio included the Gresham Metropole in Co Cork; Fels Point near Tralee, Co Kerry; the Maldron in Wexford; the South Court in Limerick; the Killeshin in Portlaoise; and Johnstown House Hotel and Spa in Enfield, Co Meath.

The portfolio was put on the market by Nama as part of its efforts to sell down its huge portfolio of hotels. The state bad bank is looking to have paid back as much as 80pc of its Nama bonds by the end of next year as part of an extended effort to increase the pace of its selling.

An estimated 60 hotels changed hands in 2014 with an aggregate sale price of €555m. That is expected to be comfortably surpassed this year howevver.

The deal comes a day after the Clarion Hotel in Cork became the latest big-ticket hotel to be put on the market this year when it was formally put up for sale today with an asking price of €30m.

Savills and JLL have been named as agents by Nama for the property, which opened in 2005.

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