Donegal hotel bought for a sixth of peak asking price
Published 22/06/2011 | 11:35
A TULLAMORE investment company has bought a Donegal hotel out of liquidation for less than a sixth of what the property was asking at its peak.
Capital Securities Corporation (CSC) headed by Seamus Sheerin and Ballyshannon man Pauric McShea, has bought the 48-bedroom Ostan Na Rosann Hotel, in Dungloe, Co Donegal.
Agents CB Richard Ellis have not disclosed the selling price but they had been asking €500,000 for the hotel, which is currently closed. At one stage the previous owner Maurice McBride had been asking €3 million for the business.
The hotel, with its panoramic coastal views over Donegal Bay, includes a traditional lounge bar, restaurant, function room and adjoining leisure centre.