Thursday 19 July 2018

Viking Hotel in Waterford on the market asking €4m

The Viking Hotel in Co Waterford is available for €4m.
The Viking Hotel in Co Waterford is available for €4m.
Peter Flanagan

Peter Flanagan

JLL is quoting €4m for the Viking Hotel in Co Waterford.

The property is being sold on behalf of the receiver Tom Kavanagh of Deloitte.

The three star hotel, which is said to be profitable, is situated in a what the agents call a "highly accessible location" on the Cork Road in Waterford City.

Currently operated by Prem Group and offered for sale with freehold title and full vacant possession, the 98 bedroom hotel boastswhat is described as "a highly convenient trading location, modern service offering, established and profitable trading history and exciting upside potential".

In addition to the 98 rooms,, the Viking Hotel also includes the Valhalla Restaurant, the Asgard Bar and six meeting rooms, all located on a site of 0.35 acres, which offers plenty of car and coach parking.

JLL Ireland senior vice president for its hotels and hospitality division Dan O'Connor commented: "The Viking Hotel boasts a number of unique selling points including its excellent accessibility just off the Waterford by-pass and its extensive car parking, which is a distinct advantage within the Waterford hotel market. We are expecting good buyer interest given the hotels strong existing cashflow and its rapidly improving trading performance".

JLL analyst James Wood added: "The property has recently undergone a targeted capital investment plan and this investment, along with recent asset management initiatives implemented by the receiver and Prem Group, will boost trading performance this year.

"In addition, tourism in the south east region is expected to continue to improve, buoyed by the latest Fáilte Ireland initiative, "Ireland's Ancient East" and current favourable foreign exchange rates between the euro and dollar as well as euro to sterling," Mr Wood added.

The regional hotel market has been in recovery for some time now with tourist numbers on the up and a perceived imprivement in the wider economy.

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