Dubai buyer has clinched Clanree deal
A Dubai-based investment company representing a range of Irish and overseas parties has bought the Clanree Hotel, Derry Road, Letterkenny, Co Donegal from receiver Michael McAteer of Grant Thornton.
Sales agent John Hughes of CBRE, who had been asking more than €1.6m, declined to comment on the actual sales price but it is believed to be slightly more than the asking price.
The new owners have appointed McGettigan Management Services as the new management company for the hotel.
Formerly trading as a Holiday Inn, it was purpose-built, and its complex accommodates 120 en suite bedrooms, conference and banqueting facilities for up to 1,000 people and the popular Oscars Bar and Aileach Restaurant.
In addition, its leisure centre includes a 20-metre swimming pool and separate kids pool together with Jacuzzi, sauna, steam room and fully-equipped gym.
This facility has a substantial local membership of 450 and is popular with hotel guests.
With extensive frontage on to Derry Road, the hotel occupies a high-profile 4.73-acre site at the Dry Arch Roundabout and is about 2km from Letterkenny town centre.
Solicitor Paul Keogh acted for the purchasers.
The directors of McGettigan Management Services (MGMS) include Brian McGettigan, managing director of the North Star Hotel in Dublin. While this is MGMS' first hotel management contract, the members of the team have extensive experience in hotel management and hospitality.
A spokesperson said MGMS aims to continue to provide facilities and hospitality to the tourists and the local community, and offer the hotel a new lease of life.
John Hughes of CBRE confirmed that "the sale of the Clanree Hotel generated strong interest with a number of significant bids received from local, national and overseas bidders".
The largest town in Co Donegal and the main hub for business in the county, Letterkenny and its environs has a population in excess of 19,000 people.
Strategically situated on the River Swilly and the gateway to the popular tourist county, the town is the base of choice for many visitors. The town is well-served by road transport connected to Dublin, Derry and Galway and is easily accessible from airports at Donegal and Derry.