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."

Virtual Event


Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

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.


Suggested Articles

The company intends to raise $100 million from investors to source mezzanine loan and preferred equity transactions in the hospitality sector.

With the transfer of 103 management and branding contracts, Sonesta's portfolio has more than doubled.

Airbnb has confidentially filed with the Securities & Exchange Commission to go public, with the number of shares and price range yet to be revealed.