Monday 18 December 2017

Kennedy hotel in cut-price €30m sale

Neil Callanan

THE Malton hotel, where Jacqueline Kennedy and her children vacationed in the 1960s, and two other Irish hotels have been put on sale for €30m – €10m less than The Malton on its own sold for in 2006.

The Killarney hotel, opened in 1854, has long been a favourite of US tourists, and it was used in part for the filming of Ryan's Daughter starring Robert Mitchum.

The 172-bedroom Malton is being sold with the Metropole Hotel in Cork and the Kilkenny Ormonde Hotel.

Irish commercial property values fell by as much as two-thirds after a real estate bubble burst in 2008.

An improving economy is boosting demand for business properties, which gained the most since 2006 in the first quarter.

Revenue per available room, a hotel-industry measure of occupancy and rates, rose 11pc to €71 at Irish hotels last year.

The decision to sell the properties was apparently made after domestic and overseas investors approached the owners to ask about a purchase, according to Savills. The owners were not identified.

The Malton sold for €40m in 2006, according to CBRE. First named The Railway Hotel, it was built on land acquired from Lord Kenmare on the condition that he and his family would have free rail travel and that trains would be held at the station if he was late, according to the hotel.

Other guests to have previously stayed at The Malton include Princess Grace of Monaco, actor Charlie Chaplin and former Taoiseach Jack Lynch.

The presidential suite is named the Kennedy Suite (Bloomberg).

Sunday Indo Business

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business