Friday 24 November 2017

Austrian investor buys Mount Wolseley resort for close to €14.25m guide price

€7.5m was invested in Mount Wolseley by its previous owners
€7.5m was invested in Mount Wolseley by its previous owners
Ronald Quinlan

Ronald Quinlan

The sale of the Mount Wolseley Hotel & Golf Resort, Tullow, Co. Carlow has been confirmed by CBRE.

The property has been acquired by Davy Real Estate on behalf of the Strategic Capital Investment Fund plc. The fund is owned by Thomas Roggle, a high-net-worth Austrian investor, who only recently acquired the Farnham Estate in Cavan.

Mount Wolseley's former owners, Tetrarch Capital, are understood to have secured a figure close to the €14.25m guide price that had been quoted by CBRE when they offered the property to the market in March.

Mount Wolseley, which is situated on approximately 69 hectares (170 acres), benefits from multiple revenue generators including golf, weddings, conferences, functions, spa, leisure breaks and special events, and is trading exceptionally well.

The performance is noteworthy, considering the circumstances in which Tetrarch had come to be its owners. In 2014, Tetrarch Capital effectively rescued the resort after investing €7.5m in its operations when taking it out of examinership. The business had entered examinership in April 2014 with overall debts of €60m owed to several financial institutions. Some €28m of that debt had been owed to Bank of Ireland alone.

Tetrarch's Irish hotel portfolio continues to be substantial, including as it does both the Marker Hotel and Citywest Hotel and conference centre in Dublin, Mount Juliet in Kilkenny and the Powerscourt Hotel (formerly the Ritz Carlton) in Wicklow.

Commenting on the sale of Mount Wolseley, John Hughes of CBRE's hotels division said it had "generated significant national and international interest".

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