Receiver sells off Kinlay House Hostel in Galway
Receiver Neil Kelly of BDO has sold Kinlay House Hostel in Eyre Square, Galway. The agents CB Richard Ellis are not disclosing the price but they had been asking €2m for the property.
Located near Galway's main railway and bus station and within walking distance of the city's entertainment venues, it is strategically positioned for a budget accommodation operation in a city which is a major tourist destination during the summer months and is also a university city.
Kinlay House Hostel extends to a floor area of about 1,500sqm and can cater for in excess of 200 guests in 49 bedrooms.
The former owner, the late John O'Dolan, was found dead in 2009, weeks after a receiver was appointed to the hostel. In 2007, he had led a consortium which paid €28m for the man-made Island of Ireland, off the coast of Dubai.