Wednesday 23 August 2017

NAMA puts Portmarnock Hotel and Golf Links on market for €20m

Aerial Beach Hotel
Aerial Beach Hotel
Peter Flanagan

Peter Flanagan

NAMA is putting the Portmarnock Hotel and Golf Links up for sale with an asking price of €20m.

Jones Lang LaSalle (JLL) has been appointed to run the sale on behalf of the receiver Simon Coyle of Mazars. The state bad bank had a receiver appointed to the previous owner of the property, Capel Developments, in 2011. Capel bought the hotel in 2005 for €70m.

The four-star hotel features an 18-hole golf course designed by Bernhard Langer, as well as 136 bedrooms and conferencing facilities.

JLL's vice-president for hotels and hospitality Dan O'Connor commented: "Portmarnock Hotel & Golf Links offers considerable potential to add value along with the option for domestic or international hotel brand affiliation.

"The site also offers development potential for the construction of a new and substantial golf clubhouse facility and driving range. We are expecting strong competition from both domestic and international hotel investors," he added.

Irish Independent

Also in Business