On the heels of the Dalaga Groups's recent purchase of the Cork City Clarion Hotel for €35.1 million, investors have another chance to grab an Irish Clarion. Kieran Wallace of KPMG has put Limerick’s Clarion Hotel on the market, asking more than €3.5 million.
The 17-story building, which the Limerick Post notes is Ireland’s tallest hotel, is being offered for sale by private treaty with the benefit of existing occupational leases.
The Limerick city hotel market is witnessing strong growth in occupancy and average room rates, the paper notes, with both recording double digit growth in the year to date. The Clarion has a current rental income of €200,000 per year, and the sale is subject to three existing occupational leases with Merzolt Limited. The tenant will be unaffected by the sale.
One rent review is outstanding from December 2014 with the other two due in December 2017. All leases are FRI with WAULT of 15.12 years. The hotel is operated by Choice Hotels Ireland under the four-star Clarion brand.