Lyrath Estate to fetch over €20m
The five star Lyrath Estate Hotel in Co Killkenny is expected to attract bids in the region of €20m.
The 139 bedroom hotel was developed by Xavier McAuliffe. The hotel is said to be "very profitable" but struggled with overhanging debt. By 2012 Kieran Wallace of KPMG had been appointed receiver over the property by Bank of Scotland (Ireland).
The hotel is being sold as a going concern by private treaty. CBRE is managing the sale.
CBRE Ireland's director of hotels Dermot Curtin commented: "This sale of the Lyrath Estate Hotel, Spa & Convention Centre offers the purchaser a quite outstanding opportunity to acquire one of the best known and most profitable Resort Hotels to come to the market in Ireland in recent times.
"The successful purchaser will inherit an excellent and skillful team of highly motivated and expert hotel professionals, who have a tremendous record of achievement to date with this resort and, with a substantial number of weddings and events already on the books for the coming years," he added.