Ireland's Kilternan Hotel sold at 96-percent discount

Quite a good deal for UK's Comer Group, which reportedly acquired the partially built Kilternan Hotel & Country Club in south Dublin for a staggering 96 percent less than its orgiginal value.

The new owners are believed to have paid about €7 million for the complex, which Irish Nationwide spent €171.5 million on before the collapse of the property market, reports The Irish Times

The Tmes goes on to write that the 96-percent writedown in value is "easily the largest recorded for a substantial investment since the property and banking crisis began."

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Marcus Magnier of agents Colliers International, who handled the sale, said yesterday the general consensus among investors who viewed the unfinished buildings was that it would take an additional €20 million to complete the project.

Read more on

Suggested Articles

The Barclay brothers were expected to sell the Ritz Hotel in London to a consortium of Saudi Arabian families.

Accor launched a €300m share buyback as part of its plans to return €1bn to shareholders over the next 24 months.

Hotel investment in Spain and Portugal has not yet reached its peak, with the appetite for urban hotels expected to grow this year.