Cavan Crystal to be offered for sale by Savills at guide of €2.5m
SAVILLS Hotels and Leisure have been appointed as selling agents for the Cavan Crystal Hotel in Co Cavan.
The hotel on the Dublin Road is being sold on behalf of receiver Kieran Wallace of KPMG. This hotel is offered for sale by private treaty with a guide price of €2.5m.
Built in 2002, this four-star hotel is located on the main approach to Cavan town. There are 85 bedrooms, bars, restaurant, conference & banqueting facilities and leisure centre.
The hotel fell into receivership in December 2012 after ACC moved to recoup €12m of loans secured against the hotel.
Savills say the hotel has established itself as a popular business and wedding venue with five air-conditioned conferencing suites which can cater for between 14 and 65 delegates, and two function rooms, the Balavaun Suite and the Trinity Suite catering for 600 and 450 theatre style or 400 and 250 banquet style.
The hotel is said to be "well regarded" in the area and has an "excellent" reputation for first class food. The hotel's Leisure Club, which has over 500 members, comprises an 18-metre swimming pool, jacuzzi, sauna, steam room and a fully equipped gym.
There is also a beauty and hair salon which further expands the leisure offering. Also included in the sale is the former Cavan Crystal retail showroom – which forms part of the main hotel – and a separate large modern industrial unit, located to the rear of the hotel.
According to Savills, Cavan Crystal is a consistently profitable hotel. "It benefits from a strong existing trade and further growth is forecasted. Its large local catchment area has developed a strong mix of both corporate and leisure business," the agents add.
Cavan Town is situated 110km from Dublin and 50km from Enniskillen. The Region offers a large number of outdoor activities and attractions such as fishing and kayaking, due to its close proximity to a large concentration of lakes both in the county itself and in neighbouring Fermanagh. Local businesses include; Liberty Insurance, Lakeland Dairies, RSA, Obelisk and CG Power Systems.
Tom Barrett, head of hotels and leisure at Savills said: "This is a fantastic opportunity to acquire a strong local hotel benefiting from an established mix of leisure and corporate business.
"It is trading profitably and is well positioned to capitalise on the strong recovery being experienced in the hotel sector at present. This is an excellent opportunity to purchase a hotel with both well-established and growing trade," he added."
The hotel sector in Ireland enjoyed much improved trading conditions last year, largely driven by an increase in visitor numbers and a resurgent Irish brand. This growth is expected to continue throughout 2014, with regional locations to benefit from improved local demand and increased tourism from overseas. The property is available free from management agreement, if required.
The hotel market has seen something of a resurgence in recent months in Dublin, while outside of the capital a host of businesses are now coming to market. While a number of them are distressed sales, there have been buyers in the market, raising hopes for the sector overall.