Business Irish

Wednesday 21 February 2018

Donegal hotel bought for a sixth of peak asking price

A TULLAMORE investment company has bought a Donegal hotel out of liquidation for less than a sixth of what the property was asking at its peak.

Capital Securities Corporation (CSC) headed by Seamus Sheerin and Ballyshannon man Pauric McShea, has bought the 48-bedroom Ostan Na Rosann Hotel, in Dungloe, Co Donegal.

Agents CB Richard Ellis have not disclosed the selling price but they had been asking €500,000 for the hotel, which is currently closed. At one stage the previous owner Maurice McBride had been asking €3 million for the business.

The hotel, with its panoramic coastal views over Donegal Bay, includes a traditional lounge bar, restaurant, function room and adjoining leisure centre.

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