Monday 11 December 2017

Limerick boutique hotel up for sale with asking price of €3m

The George Boutique Hotel in Limerick City.
The George Boutique Hotel in Limerick City.

Peter Flanagan Commercial Property Editor

A top hotel in Limerick has been put on the market with an asking price of some €3m.

Savills Cork and DTZ Limerick have been tasked with selling the George Boutique Hotel in Limerick City.

The three star hotel, which opened in 2006, has profile to both O' Connell Street – the main thoroughfare in Limerick City – and Shannon Street. It is laid out over eight floors and comprises 124 bedrooms, bar and restaurant facilities. The entrance foyer, bar and restaurant are located on the first floor.

The hotel's GBK Italian Restaurant, which has frontage onto Shannon Street, is linked to the George Bar and can seat up to 90 people. The bar is said to allow "for casual dining and also serves as a meeting venue with seating for up to 50 people".

Conference facilities in the hotel include four fully equipped meeting rooms whch can accommodate up to eight people boardroom style.

Savills say there has been a "notable" increase of activity in the Limerick hotel market over the past 18 months. Nearby the Radisson Blu on Ennis Road is currently under offer after going on the market for €3m in September. In November, the Jurys Inn in the city changed hands for a reported €2.25m. The heightened interest in Limerick's hotels is reflected by figures from which show that RevPAR (Revenue Per Available Room) in the City increased by 7pc last year, the agents say.

Limerick is currently City of Culture 2014 and nearby amenities include the Milk Market, Limerick City Art Gallery and the Hunt Museum, the city is long synonymous with the rugby tradition and Thomond Park.

Isobel O'Regan of Savills and John Buckley DTZ who are acting as agents for the sale, commented: "This hotel is in excellent condition and is in a great location in the heart of Limerick City.

"It is trading profitably and is well positioned to capitalise on the strong recovery being experienced in the Limerick hotel sector at present," he added.

While the George hotel is on the market, Savills have helped sell another Munster hotel for around €3m.

The Quality Hotel Killarney has been bought by Irish-owned Crimmins Hotels and Leisure. The property was put up for sale last September for about €3m on behalf of the receiver David Carson of Deloitte.

The new owners have appointed Tifco Hotel Group to manage and operate the hotel.

The Quality Hotel Killarney is a three star hotel and was previously the Killarney Ryan hotel. It began trading in the late 1960's. The hotel contains 188 bedrooms in total and the mix includes 128 bedrooms added in 2005. Public areas include a entrance lobby and lounge, two bars and a restaurant with 220 covers and a leisure centre. The leisure centre was extensively refurbished in the mid 2000s and is a strong selling feature for the hotel which is recognised as one of Killarney's leading leisure and family friendly hotels.

According to Denis O'Donoghue of Savills: "The Quality Hotel represents an excellent purchase for the new owners and hotel demand remains very strong with both domestic and overseas interest.

"We expect hotel sales volumes for 2014 to be in excess of €300 million as this demand continues".

Elsewhere, the former Great Southern Hotel at Rosslare Harbour, Co Wexford is for sale by private treaty.

Savills and Claude Howlin Auctioneers are guiding in the region of €350,000 for the property.

The now semi-derelict building stands on a 3.2 acre site with frontage to both the St Martins Road and the N25.

The sale also includes two detached houses which adjoin the hotel complex and has the benefit of full planning permission for the development of a 60 bed nursing home and 25 apartments for use connected to the nursing home. Loman Dempsey is acting for Savills.


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