Prem Group adds to portfolio with €3m deal for Cahernane House Hotel in Co Kerry
Published 02/06/2016 | 02:30
Prem Group is to buy the Cahernane House Hotel in Co Kerry in a deal worth €3m.
The four star hotel was put on the market by the Browne family through CBRE and Tom Spillane & Co in February.
Cahernane House Hotel is said to be an "exceptionally well located hotel in a stunning picturesque setting 2km from Killarney town centre".
The hotel is situated on its own private grounds which extend to 6.5 acres and overlooks Killarney National Park and lakes.
The hotel is on the Muckross Road within walking distance from the Killarney town centre.
Cahernane House includes 38 bedrooms located in the original house and a more recent addition linked with glazed double height conservatory.
The hotel has the Herbert Room Restaurant, located in the main house, which caters for 80 people. The drawing room and library reception rooms with feature open fireplaces are situated off reception. At basement level the Cellar Bar provides a warm atmosphere for residents and locals.
Selling agents John Hughes of CBRE and Tom Spillane said the property "offers an exceptional opportunity to develop a luxurious boutique hotel business in Ireland's premier and world renowned tourist destination."
Prem Group chief executive Jim Murphy commented: "The Cahernane is a unique property, full of history and character and is a very welcome addition to our family of hotels. We look forward to working with the staff to enhance the excellent reputation that it already enjoys."
This is Prem Group's second hotel purchase in a week. Earlier this week it agreed to pay €8m for the four star Tulfarris Resort & Golf Club in Co Wicklow. Prem Group had managed that hotel since 2009.
The company controls or manages 43 hotels across Ireland, UK and Europe.