Business

Sunday 25 June 2017

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

Mount Wolseley Hotel, Spa & Golf Resort includes the renowned Christy O'Connor Jnr golf course
Mount Wolseley Hotel, Spa & Golf Resort includes the renowned Christy O'Connor Jnr golf course
The hotel comprises 143 guest bedrooms and full facilities
The hotel's impressive lobby, reception and grand staircase
Ronald Quinlan

Ronald Quinlan

The famed four-star Mount Wolseley Hotel, Spa & Golf Resort in Tullow, Co. Carlow, has been brought to the market by agents CBRE for a guide price of €14.25m.

Situated on approximately 69 hectares (170 acres), the hotel, which is owned by Tetrarch Hospitality, comprises 143 bedrooms, modern conference and banqueting facilities, the extensive Sabia Med spa (one of only four in Ireland) with 14 treatment rooms and health club with gym, fitness studio and 20m pool.

Also included in the sale of the property are 16 four-bedroom lodges, which serve as a popular option for families while offering an overflow accommodation facility for larger events and conferences.

Each self-contained lodge extends to approximately (153 sq m) 1,650 sq ft) and offer spacious kitchens, open-plan living and dining rooms with access to private patios. The lodges include four bedrooms, one double en-suite, two twin-occupancy rooms and one single room to accommodate up to seven guests. The lodges have recently been rezoned as 'Existing Residential' as part of the Tullow Local Area Plan (2016-2022), which is due to be published next Monday.

Apart from the hotel itself, Mount Wolseley is renowned for its Christy O'Connor Jnr championship golf course. The course, which plays over 7,200 yards, is complemented by an impressive club house, which offers both formal and casual dining.

The course hosted the prestigious Volopa European Challenge Tour Event in 2015 and 2016.

Mount Wolseley Hotel, Spa & Golf Resort is being sold unencumbered and offers potential purchasers complete flexibility in relation to its future branding and management.

The hotel trades exceptionally well and is highly profitable with the potential for further growth. The property benefits from multiple revenue generators including golf, weddings, conferences, functions, spa, leisure breaks and special events.

The hotel's performance is noteworthy, considering the circumstances in which Tetrarch came to be its owners. In 2014, Tetrarch Capital effectively rescued the Mount Wolseley resort after investing €7.5m in its operations when taking it out of examinership. The business had entered examinership in April 2014 with overall debts of €60m owed to several financial institutions. Some €28m of that debt was owed to Bank of Ireland alone.

Even with the proposed sale of Mount Wolseley, Tetrarch's Irish hotel portfolio will continue to be substantial, including as it does both the Marker Hotel and Citywest hotel and conference centre in Dublin, Mount Juliet in Kilkenny and the Powerscourt Hotel (formerly the Ritz Carlton) in Wicklow.

The company is also progressing its plans for the delivery in Dublin of a 158-bedroom 'budget boutique' hotel at Sackville Place, a 159-unit aparthotel off Pearse Street, and a hotel with 250-400 rooms at Townsend Street.

Commenting on the sale of Mount Wolseley, John Hughes of CBRE's hotel division said: "The sale of Mount Wolseley Hotel, Spa & Golf Resort represents one of the best opportunities in many years to acquire an established, high-quality, four-star hotel in the south-east tourist region of Ireland, offering enormous potential. The hotel has a number of unique selling points and facilities that allow for future business growth."

Offers are invited for the Mount Wolseley resort in one or more lots. Lot one consists of the entire, lot two comprises the Mount Wolseley Hotel, Spa & Golf, while lot three consists of the hotel's 16 lodges.

Mount Wolseley is well-located, with the M9 motorway linking it to the cities of Waterford, Kilkenny and Dublin, which is just over an hour's drive away. The hotel and golf course is accessible to northern and southern visitors via the M50.

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