The National Asset Management Agency (Nama) is planning to put another eight hotels in Ireland up for sale as it pares down loans and assets, reports the Irish Times. While the hotels will be marketed as part of a portfolio, they are expected to be sold separately given their different geographic locations and characteristics.
The hotels are Fels Point near Tralee, Co Kerry; the Maldron in Wexford; the Clonmel Park in Co Tipperary; the three-star South Court in Limerick; the Killeshin in Portlaoise, Co Laois; the four-star Osprey and Spa in Naas, Co Kildare; the Glenroyal in Maynooth, Co Kildare; and Johnstown House Hotel and Spa in Enfield, Co Meath.
The sale process is expected to begin shortly although it is not clear how much Nama will seek for the hotels.
Nama had 115 hotels on its books a year ago but has been gradually reducing its exposure to the sector. There is likely to be strong interest in the hotels, given the frenzied buying that has taken place in the sector this year.
The Irish Times points out that potential bidders would be expected to include the Irish-listed company Dalata, which is the biggest hotel operator in the country. It operates the Maldron brand and runs the Wexford property being marketed by Nama under a lease agreement.
Investment group Brehon Capital recently acquired the Citywest Hotel in Saggart, Co Dublin, its sixth hotel acquisition here.
Tifco, an Irish company led by Enda O’Meara with 14 hotels across Ireland, would also be expected to jump in.