Monday 19 March 2018

Terms agreed for sale of Cashel Palace Hotel

The Cashel Palace Hotel sold for €2.25m
The Cashel Palace Hotel sold for €2.25m
Peter Flanagan

Peter Flanagan

The Cashel Palace Hotel in Co Tipperary has been sold.

CBRE Hotels and PJ Broderick Auctioneers managed the sale of the hotel in Cashel, which was offered for sale with a guide price in excess of €2.25m on behalf of Patrick and Susan Murphy.

The hotel has attracted many distinguished guests over the years such as Jacqueline Kennedy, Ronald Reagan, Richard Burton and Elizabeth Taylor, Diana Spencer, Prince Joachim of Denmark and many other famous guests form around the world. Other previous owners of this boutique property include former racehorse trainer Vincent O'Brien and US Secretary of the Treasury Nicholas F. Brady.

The hotel, which ceased trading last year, includes a substantial three storey over lower ground level building together with a two storey annex, gate lodge and old schoolhouse.

The hotel occupies a site area of approximately 25 acres which include lawn gardens extending to the boundary of the Rock of Cashel.

When being put up for sale, the agents suggested the property would also be suitable for conversion to a magnificent private residence.

The four star hotel includes 19 guest bedrooms and two self-contained suites.

"Each individual bedroom has its own unique character with many of the rooms offering picturesque views of the Rock of Cashel," CBRE said.

The hotel has a feature and inviting entrance hall with original wood panelling, two Corinthian columns and main staircase. The hotel also includes Bishop's Buttery Restaurant and Guinness Bar named after Richard Guinness who grew the hop plants in the gardens of Cashel Palace later to be used in the first production of Guinness Stout.

"Meetings and private dining can be facilitated for groups of up to 100 people in The Palace Suite, The Vincent O'Brien Room, The Mulberry Room or The Long Room," the agents said.

CBRE's John Hughes commented: "the sale of Cashel Palace Hotel offers an exceptional opportunity to acquire a magnificent and historic property with the ability to re-establish a boutique hotel business".

"The elegant and architecturally rich hotel occupies a unique trading location at the foot of one of Ireland's most popular tourist attractions - The Rock of Cashel - which attracts over 270,000 visitors annually.

"The Cashel Palace and the Rock are integrally linked as the land which surrounds the Rock are hotel lands. The Rock can be accessed via a private path through the gardens of the hotel."

The distinctive red brick Queen Anne style building dates back to 1730 was originally built for the archbishop of Cashel, Theophilus Bolton by architect Sir Edward Lovett Pearse, who also designed the Irish Parliament, now the Bank of Ireland in College Green, Dublin. The property opened as a luxury hotel in 1962 by Lord Brocket who at the time also owned Carton House, Co. Kildare.

"Cashel Palace Hotel is synonymous with Co. Tipperary and its renowned bloodstock industry. The hotel occupies an excellent location with access from the Main Street of this prosperous easily accessible town between Cork city and Dublin city. The hotel is also easily accessible from international airports at Dublin, Cork and Shannon and Ferryport at Rosslare," the agents added.

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