The hotel opened in 1998 and has since been extended.
Offered for sale subject to an existing occupational lease with Caruso Limited, guaranteed by Dalata (over 11 years remaining) and operated by Dalata Ireland under the four-star Maldron brand, the 113-bedroom hotel has conference facilities, a full leisure club, and a pool.
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At €13 million, the current upward-only annual rent of €900,000 represents a net initial yield of 6.3%. The next rent review is in January 2023.
Statement By Head of Hotels And Leisure, Savills
Tom Barrett, head of hotels and leisure at Savills, stated, “Galway hotels trade with consistently high occupancy and strong ADR growth. Year round, the city attracts high-spending domestic and international tourists. The Maldron Oranmore represents a rare opportunity to acquire one of Europe’s strongest hotel covenants.”
© 2022 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.