Friday 21 October 2016

Radisson Blu Hotel in Athlone on the block

Published 01/10/2015 | 02:30

The Radisson Blu Hotel in Athlone is likely to sell for more than €6.5m.
The Radisson Blu Hotel in Athlone is likely to sell for more than €6.5m.

The Radisson Blu Hotel in Athlone is expected to fetch more than €6.5m after it was put on the market.

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The property is being marketed for sale by private treaty through CBRE Hotels.

The four star hotel is being offered for sale on the instructions of the receiver to Earls Holdings Limited (In Receivership) Kieran Wallace of KPMG,.

Purpose built and first opened for business in May 2004, the Radisson Blu Hotel Athlone is said to be now a well established and successful 128 bedroom hotel business easily accessible from all areas.

It is being sold as a going concern and the sale offers investors an exceptional opportunity to acquire a landmark and highly profitable, said CBRE.

It is said to occupy a prime trading position right in the town centre and also enjoys a spectacular location on the banks of the majestic River Shannon.

The hotel is being offered "unencumbered as the current franchise agreement ends on 31 December 2015, thus providing potential purchasers with excellent flexibility to rebrand the hotel, if desired".

The hotel is said to have excellent conference & banqueting suites, a ballroom for 650 people, and seven syndicate rooms, all fully air conditioned.

It also includes the Synergy Health & Leisure Club with gym, sauna, steam room, 16.5m swimming pool and treatment rooms.

There is also a "unique" outdoor terrace overlooking the Shannon and with direct access to Athlone Marina and underground and surface private parking with 169 spaces

CBRE's Dermot Curtin commented: "The Radisson Blu Hotel Athlone has established itself as one of the most successful and profitable hotel operations in Ireland".

"The property has been well maintained and regularly refurbished over the years and, with excellent facilities, is one of the most highly regarded hotels in the Midlands.

"With a vibrant and rapidly recovering economy nationwide, growing domestic short break and leisure demand and record numbers of visitors coming to Ireland in 2015, we are confident that there will be strong investor interest - both Irish and International - in this thriving hotel business," he said.

"Recent transactions in the provincial Ireland hotel market have shown that there is very strong demand for well located, modern and profitable hotel operations in the larger provincial centres such as Athlone and elsewhere," he added.

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