Saturday 16 December 2017

Diamond Coast Hotel in Co Sligo comes to the market with a guide price of €3m

Savills is quoting €3m for the Gold Coast Hotel in Sligo.
Savills is quoting €3m for the Gold Coast Hotel in Sligo.
Peter Flanagan

Peter Flanagan

Savills has been appointed as sole selling agents for the Diamond Coast Hotel in Enniscrone, Co Sligo which is on the market for €3m.

The firm has been brought in on behalf of the Receiver, David Hughes of EY, on instruction of ACC Loan Management Limited.

The hotel is trading profitably, available free of the current management agreement and is offered for sale by private treaty with a guide price of €3m. Business will continue as usual and an incoming purchaser can look forward to strong booking pipeline in 2016.

Opened in 2007, this attractive purpose built 4 star hotel enjoys a prime seaside location on Killala Bay, with close proximity to Enniscrone Golf Club, proving an ideal location for family and leisure breaks.

The Diamond Coast Hotel features 94 exceptionally spacious bedrooms, a bar, bistro, restaurant and conference & banqueting facilities. Food & beverage facilities include the Coral restaurant, Stir bistro and Inishaven bar.

According to the agents, the hotel is said to have established itself as a highly popular wedding venue, catering for up to 450 guests and the Food & Beverage facilities are enjoyed by locals and the many holiday makers to the popular area.

According to Savills' Aaron Spring, "Diamond Coast is a consistently profitable hotel. It benefits from strong existing trade and further growth is forecasted.

"The hotel sector in Ireland is enjoying much improved trading conditions, largely driven by an increase in visitor numbers and a resurgent Irish brand.

"This growth continued in 2015, with regional locations benefiting from improved local demand and record tourism from overseas, with visitor numbers up over 15pc to July 2015 on the same period last year".

Tom Barrett, Head of Hotels and Leisure at Savills commented: "This is a fantastic opportunity to acquire a strong hotel benefitting from an established leisure and local business. The Diamond coast hotel is trading very profitably with the potential for an expanded offering within the existing footprint."

The Seaside town of Enniscrone is 247 km North West of Dublin, 128 km North of Galway, 56 km South West of Sligo Town and 14 km from Ballina, in neighbouring County Mayo. The Diamond Coast Hotel is described as being "perfectly located close to the town and beside the Enniscrone Golf Club, ranked 15th in Golf Digests top 100 Irish courses 2014".

"Many of the hotels 94 spacious bedrooms enjoy impressive views over Killala Bay and the Golf Course itself.

"The region is a popular holiday destination offering a large number of outdoor activities and attractions owing to its scenic beaches, inspiring natural terrain such as Benbulben and Knocknarea Mountains, and forms part of the highly popular Wild Atlantic Way route," Savills added.

A number of buyers are likely to at least enquire about the hotel.

Tetrarch Capital have bought a number of properties around the country and may kick the tires on the Diamond Coast Hotel.

Dalata, the biggest hotel owner in the country, is in the process of raising about €160m for investment and to buy more hotels. Historically though that firm has tended to focus more on city centre, business-style properties.

A spate of hotels are expected to come onto the market in upcoming months as the banks work through the remainder of their portfolios.

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