Cork Hotel Sells for €6 Million
Another Irish hotel has changed hands to a foreign investor as a Scottish hotelier has purchased the Carlton Hotel and Spa in Kinsale, Co. Cork.
According to the Irish Times, the 70-bedroom property has sold for just over €6 million, well above the guide price of €4.25 million. The sale is due o be announced by Savills this week.
The hotel was developed in 2006, a €25 million investment by Cork-based consortium Gable Holdings. It was placed into receivership by Bank of Scotland (Ireland) and Nama in 2012 but had a strong 2014, making a profit of €500,000.
The €6 million sale represents a value of just over €85,000 for each room. The property also comprises 19 holiday houses on its 89 acres of mainly woodland area.
The successful year of trading was mainly due to the 99 weddings it hosted in 2014, a number that is expected to rise again this year.