Comer brothers buy Kilternan Hotel & Country Club at knock-down price
THE COMER Group has bought up the partially built Kilternan Hotel & Country Club for a knock-down price believed to be less than €10m.
The discount is understood to be the most for a large investment since the property crisis began and the completion of the €171m project is expected to cost an additional €20m on top of the purchase price for the hotel and sports complex.
It is understood that the investment would have to be substantially more than €20m if the new owners were to take full advantage of the sports centre at Kilternan which is close to 75,000 sq ft.
The Comer Group is owned by Brian and Luke Comer, originally from Co Galway - they made their millions from the building industry and started out as contract plasterers.
David Hughes of Ernst & Young had been acting as receiver and manager of Kilternan, which spans 300 acres including a former golf course.
Developer/publican Hugh O'Regan pumped more than €170m into it in the years before his sudden death aged 49 in 2012, using massive loans from Anglo and Irish Nationwide that were passed on to Nama. Ernst and Young was appointed as receivers.