Farnham Estate On The Market For €26M
The Farnham Estate hotel in Co. Cavan has officially gone on the market this week, with an asking price of €26 million.
Set to be the biggest hotel sale outside of Dublin since 2014, the Farnham Golf & Spa Resort has been placed on the market by instruction of the receiver appointed by Nama.
Trading under the Radisson Blu brand, the hotel is available with or without current management agreement or franchise, according to the Irish Independent.
The four-star hotel comprises 158 bedrooms, an 18-hole golf course and 40,000 square-foot spa, one of Ireland's largest. It hosted 121 weddings in 2015.
The hotel was bought by pharmacist Roy McCabe in 2001 for €6.35 million and developed at an estimated cost of €85 million. The asking price of €26 million is a fraction of the cost to develop, and it is expected to garner a lot of interest in a vibrant hotel property market.
"Farnham Estate is one of the largest and most profitable hotel estates in Ireland," said Tom Barrett of Savills Ireland who are handling the sale, adding that it "will appeal to both Irish and international buyers".
Tetrarch Capital - which owns the Mount Juliet in Co. Kilkenny - is expected to be interested, as well as a host of other investors. If it achieves its asking price it will be the biggest hotel sale outside Dublin since Adare Manor fetched €30 million in 2014.