Sunday 25 June 2017

Purpose-built four-star Athlone Springs Hotel on the market for €3.5m

The Athlone Springs Hotel is profitable and being offered for sale as a going concern
The Athlone Springs Hotel is profitable and being offered for sale as a going concern
Ronald Quinlan

Ronald Quinlan

The four-star Athlone Springs Hotel has been brought to the market by CBRE for a guide price in excess of €3.5m.

The hotel, which opened in July 2007, has since become a well-established and successful business and is being offered for sale by private treaty on the instructions of Aengus Burns of Grant Thornton in conjunction with the owner-operators.

Conveniently located just off the M6 Dublin-to-Galway road and within a five-minute drive of Athlone's thriving town centre and adjacent to the headquarters of the multinational pharmaceutical company Alkermes, the hotel is being sold as a going concern.

Purpose-built towards the tail end of the boom, the Athlone Springs Hotel traded well throughout the recession. With the economic recovery now firmly established in Dublin and the greater Dublin area and in the process of taking hold nationally, CBRE's senior hotel analyst, Lisa Keogh, believes the Athlone Springs offers potential buyers a "superb opportunity to acquire a profitable Irish Midlands four-star hotel".

Comprising 68 spacious bedrooms, the hotel's amenities include a restaurant and bar, extensive conference and banqueting facilities with conference suites as well as a modern function room with a capacity for up to 500 guests.

The hotel also boasts its own state-of-the-art leisure centre - the Zen Fitness & Leisure Club, where the facilities include an indoor pool, gym, steam room and sauna.

Read more: Four-star Mount Wolseley on the market for €14.25m

Commenting on the opportunity its sale presents, CBRE's Lisa Keogh said: "Athlone Springs Hotel has established itself as a successful and profitable hotel business. The hotel serves a large and well populated hinterland with Athlone being a thriving tourist and commercial base and is home to the only third-level college in the Midlands region, including an international indoor running track. Strong activity in the hotel sector has continued with more than €800m of Irish hotel transactions completed in 2016."

Positioned at Ireland's geographical centre, Athlone, Co. Westmeath, is serviced by an extensive road network via the M6 and the national motorway grid.

The town and surrounding area offers numerous tourist attractions and amenities including Athlone Castle, the Luan Gallery, Athlone Equestrian Centre, a number of golf courses, the Shannon Banks Nature Trail Walk, Belvedere House & Gardens and the Kilbeggan Distillery.

Athlone also serves as the designated regional centre for a number of state and semi-state organisations including the Department of Education, Athlone Institute of Technology (AIT), the Defence Forces, CIE, IDA and Enterprise Ireland.

The town is also a retail hub for the Midlands region with a wide array of major retailers located in the Athlone Town Centre shopping centre.

The Athlone Springs Hotel is the second significant hotel opportunity to be presented to the market in successive weeks. Last week, CBRE announced its instructions to sell the four-star Mount Wolseley Hotel, Spa & Golf Resort in Tullow, Co. Carlow at a guide price of €14.25m.

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