JP McManus in pole position for Adare Manor
Published on Nov 18 2014 10:41 AM in Hotel
After millionaire businessman JP McManus emerged as the highest bidder for Adare Manor Hotel, it's been reported that the former Gresham CEO was just pipped to the post.
Limerick-born JP McManus has offered €30 million for the five-star resort and golf club after final bids were submitted late last week, according to The Irish Times.
On Sunday, a column in The Sunday Times reported that the underbidder was Paddy Coyle, former chief executive of the Gresham hotel group, with a bid backed by Bayside Capital, a US investment group with billion dollar in assets.
Coyle's bid came close to matching McManus’s bid for Adare, with most other bidders trailing behind with offers nearer to the €25m asking price, the article's sources reveal.