Monday 20 January 2020

€600,000 saving for Euro deal on Lough Erne's G8 resort

The Lough Erne Resort
The Lough Erne Resort
Donal Buckley

Donal Buckley

Eurozone buyers stand to achieve a saving of more than €600,000 on the purchase of The Lough Erne Resort, which will host the summit of the leaders of the world's eight largest economies next month.

The Co Fermanagh resort has been re-launched on the market for €11.8m – a 5pc reduction on the euro equivalent price quoted for the hotel when it was first launched on the market last September.

However, it was taken off the market last November after a fire in its spa and today, following the repair of this facility, it has now been brought back to the market.

In the meantime the plans for the summit were also announced on the week of the fire.

While the £10m sterling asking price for the hotel has not changed, a 5pc drop in the value of the British currency against the Euro means that buyers who fund the purchase in euros can save more than half a million euros on the asking price.

On June 17 and 18 the resort, which is the only five-star hotel and golf facility in Northern Ireland, will see British Prime Minister David Cameron host the event known as the G8 summit which will also be attended by US President Barack Obama.

Not alone has the resort itself been booked out, but members of a number of entourages have booked out other hotels, one as far away as Sligo.

The event is also expected to boost tourism in nearby Enniskillen and the north west throughout the summer if not into future years. Two smaller Fermanagh hotels have already been sold in the last eight months and booked out for the summit.

Lough Erne Resort was put into administration by Bank of Scotland (Ireland) and is being sold on the instructions of KPMG's John Hansen and Stuart Irwin who were appointed joint administrators to Castle Hume Leisure Ltd, which developed the course and had been headed by businessman Jim Treacy.

However, possible buyers will be disappointed that they are unlikely to complete a sale before the summit and will thus lose out on an opportunity to boast of being 'mine host' to a G8 summit.

Paul Collins of sales agents CBRE says the hotel comprises 120 bedrooms and suites, five food and beverage outlets. The sales includes leasehold and free hold properties and the latter include include 25 partly built golf lodges. A further 25 fully built golf lodges have leasehold deals with the resort. About 200 of the 345 acres are held on long ground leases.

Leisure facilities include two championship golf courses, the Castle Hume and the Nick Faldo courses, as well as two floodlit driving ranges and the only Faldo Academy in Europe.

Irish Independent

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