Waterford hotel sells for far above its €3.2m guide
A Munster hotel has sold for more than 25pc above its asking price, in one of the clearest signs yet of an improving regional hotel market.
The Waterford Marina Hotel was put on the market last year with a guide price of €3.2m. However Christie & Co, which was handling the sale though, has secured a price of €4m for the three star hotel.
Located on the banks of the River Suir, the highly-profitable three star hotel was constructed in 1997 and acquired by the previous owners, Frontline Asset Management Limited in the same year.
The property offers 81 bedrooms, riverside bar and restaurant, a theatre-style function room and on-site parking for approximately 70 vehicles.
Dave Murray, director and head of brokerage Ireland at Christie & Co, commented: "The Waterford Marina Hotel has an excellent reputation both locally and with visitors to the Waterford area which is well deserved.
"The business consistently performs strongly and this sale represents an ideal opportunity for the new owners to enter the Waterford hotels market at a time when the region is becoming better connected and demand for good quality hotel accommodation is rising," he added.