Portmarnock Hotel and Golf Links sold for nearly €30m
Published 05/06/2014 | 11:49
PORTMARNOCK Hotel and Golf Links has been bought by an international real estate investment and services firm for almost €30m.
The four-star seafront hotel features an 18-hole golf course designed by Bernhard Langer, as well as 138 bedrooms and conferencing facilities.
The 170-acre site was purchased by Kennedy Wilson Europe Real Estate from Nama, with the sale expected to be completed within weeks.
Jones Lang LaSalle (JLL) had 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 retail, commercial and residential development, which is close to the O2 Arena, was completed in 2009 and has a 95pc occupancy.
The company said once the acquisition is complete it intends to enhance the tenant offering which should underpin rental growth over the next few years.
“These acquisitions demonstrate our robust sourcing capabilities in Ireland bolstered by our strong relationship with financial institutions,” said Mary Ricks, President and CEO of Kennedy Wilson Europe.
“The acquisition of this boutique and profitable hotel and golf course at an attractive price and a high quality income producing multi-family scheme are both very strong additions to our growing portfolio and are in-line with our stated investment strategy.”