Saturday 20 January 2018

Heritage Hotel sold for more than €5.5m to investor

‘The boy had never seen a more glamorous looking sportsman than Seve Ballesteros’
‘The boy had never seen a more glamorous looking sportsman than Seve Ballesteros’
Thomas Molloy

Thomas Molloy

The Heritage Hotel in Killenard has been sold for "considerably" more the guide of €5.5m to a US investor.

The five star Laois hotel which is located off the M7 Motorway is an hour's drive from Dublin and comes with a Seve Ballesteros-designed golf course.

The hotel which was sold by CBRE is close to Slieve Bloom Mountains, the Curragh, Naas, Punchestown and Kilbeggan.

Built in 2004, it has 98 bedrooms including three penthouse suites, 10 spacious junior suites and 85 deluxe guest bedrooms.

The hotel also has a restaurant, a bar, extensive wedding conference and banqueting facilities, business centre with six meeting rooms as well as a 50 seater auditorium and cinema.

The hotel has established itself as a popular wedding venue and will host over 80 weddings this year.

"The Heritage Hotel was sold to a US based investor who has engaged hotel specialists to operate the hotel," said CBRE's John Hughes who brokered the sale.

The hotel was offered for sale on the instructions of receiver Kieran Wallace of KPMG.

The sale is the latest sign of rising demand for hotels that got into difficulty during the crisis.

The receivers to the Citywest hotel complex, the biggest in the country, have reached an agreement to sell it as a going concern for about €29m to Brehon Capital Partners which has recently bought the Marker hotel in Dublin and Powerscourt hotel in Wicklow.

The partially built Kilternan Hotel & Country Club in south county Dublin was sold to the Comer Group for about €7m which was a fraction of the €171.5m borrowed from Irish Nationwide to begin building the still unfinished hotel.

Whites Hotel in Wexford was put on the market by Ulster Bank last month after going into receivership in 2009.

It has been run by Dublin-listed Dalata for the past five years.

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