NAMA is to sell a near €30m portfolio of leading hotels in the west of Ireland, the first such significant hotels sale in almost a decade.
The Gresham Metropole Hotel in Cork city, the Malton Hotel in Killarney and the Kilkenny Ormonde Hotel are all high-profile, profitable hotels currently under the ownership of NAMA. The Gresham and Malton have both been in existence over 110 years and are considered cornerstones of their localities, while the Ormonde in Kilkenny is a more modern hotel. The properties are for sale individually or as a group.
The Malton Hotel comprises of 172 bedrooms on 12 acres of land and is on the market from Savills at €15m. The four star Kilkenny Ormonde has a guiding price of €11.5m, a little over half of its understood development cost of more than €20m.
The Gresham in Cork is considered the weakest of the portfolio and has an asking price of €4m, despite its central location and attached Leeside Leisure Centre.
Savills is estimating that €350m worth of hotel property will be sold in Ireland this year, up €150 on 2013. These encouraging figures continue a belief that the property market is finally showing signs of resurgence in Ireland after several years of stagnation.