The South Court Hotel in Limerick has been sold for far above its asking price.
CBRE Hotels have confirmed the successful sale of hotel, which was recently included in the Crystal Collection hotel portfolio sale. The hotel, which occupies an extensive city site, was offered for sale with a guide price of €2m.
CBRE declined to comment on the final sale price. Industry experts believe it would have sold for at least double that.
The South Court Hotel has been purchased by a syndicate led by GN Asset Management, the Irish owned hotel company now also operating widely throughout the country as well as the UK.
GN Asset Management has successfully completed four large-scale hotel acquisitions in 2015 in Ireland with further acquisitions due in the coming months in both Ireland and the UK.
CBRE commented: "This well-known property which includes 124 bedrooms and extensive food, beverage and conference facilities will be managed by GN Asset Management under the Irish-owned Great National Hotels and Resorts brand and is to commence a comprehensive refurbishment program at the end of 2015".
CBRE's John Hughes said the South Court Hotel is said to be "conveniently located" on the outskirts of Limerick City less than five minutes' drive from the N7 motorway linking Dublin and Limerick making the hotel very accessible from all major routes.
The hotel is situated adjacent to and within walking distance of the Raheen Business Park, home to numerous companies including Analog Devices, Stryker and Regeneration Pharmaceuticals.
Shannon International Airport is "easily accessed" through the Limerick Tunnel and is now less than 25 minutes' drive from the hotel.
Built in 1998, the 3 star South Court Hotel comprises 124 bedrooms, two restaurants, bar and gym as well as an adjoining conference centre. The three storey over basement hotel extends to a total of approximately 10,429 sqm (112,256 sq ft).
The South Court Hotel was part of the Project Crystal portfolio of hotels put on the market last year.
The agency appointed CBRE as agents to sell the hotels, which were the Gresham Metropole in Co Cork, pictured; Fels Point near Tralee, Co Kerry; the Maldron in Wexford; the South Court in Limerick; the Killeshin in Portlaoise; the Glenroyal in Maynooth, Co Kildare; and Johnstown House Hotel and Spa in Enfield, Co Meath.
Nama is rapidly increasing the rate at which it sells off its property portfolio as it gets closer to its self imposed deadline of the end of next year to redeem about 80pc of its so-called "Nama bonds".
Sunday Indo Business