Bidders Line Up For Lyrath Battle
The race to secure ownership of the five-star Lyrath Estate Hotel & Spa in Kilkenny is heating up, with Tifco and Davy Real Estate reportedly throwing their hat in the ring for the property.
Since being put up for sale in March, CBRE Hotels have been seeking bids of more than €20 million for the hotel which was put into receivership in 2012 with a debt reported to be in the region of €50 million.
Now, according to the Sunday Business Post, Irish hotel operator Tifco has joined Davy Real Estate in the latest round of bidding, which is understood to include one further bid from a third interested party.
Owned by Kerry businessman Xavier McAuliffe, €50 million was said to be invested on developing Lyrath, including restoration of the 17th century manor house and the addition of a four-story extension to accommodate most of its 139 rooms and its 1,800-seat wedding and function venue.