Limerick bar on the market for €1.2m
Published 24/11/2010 | 10:05
THE Two Mile Inn & Thady O’Neills bar, at Ennis Rd, Limerick is for sale with a lower than expected price tag of €1.2m.
When Billy O’Riordan of PWC was appointed receiver to a number of Dunne Hotel businesses in 2008, it was expected that he might achieve as much as €7m for the 123-bedroom hotel on 13 acres if he could sell it as a going concern.
While he operated it for almost two years, Mr O’Riordan closed it at the end of this summer’s tourist season without finding a buyer.
Tom Crosse of local agents GVM points out that the business is located within two miles on the airport side of Thomond Park and its B&B business benefits from rugby’s local and international fan base.
Local hotelier Brendan Dunne bought it in the mid-70’s and at its peak his group operated seven hotels and pubs including Patrick Punches’ in the city, the Woodstock Hotel in Ennis, Clybaun in Galway and Ridge Pool in Ballina.
Mr O’Riordan has leased out the Woodstock and continues to operate Punches. In 2006 it generated revenues of more than €36m and its properties were valued at €86m.
Meanwhile Tom Kavanagh, receiver for the Wooden House Hotel in Kilmore Quay, Wexford has cut its asking price from €2m to €1.2m.
Standing on a 0.57 acre site, the nine-bedroom hotel comes with a block of 10 self-contained holiday apartments. Agents Morrisseys have set December 3 for submission of full and final offers.