Ireland's Lyrath Estate Hotel may attract bids of €20M

Lyrath Estate Hotel

In Ireland's County Killkenny, the upscale Lyrath Estate Hotel is on the market and is expected to attract bids of around €20 million.

The 139-room hotel was developed by Xavier McAuliffe. According to the Irish Independent, the hotel has struggled with overhanging debt, but still managed to turn a profit. Four years ago, Kieran Wallace of KPMG was appointed receiver over the property by Bank of Scotland (Ireland).

The hotel is being sold as a going concern by private treaty. CBRE is managing the sale, and CBRE Ireland's director of hotels Dermot Curtin noted that the property already has " a substantial number of weddings and events already on the books for the coming years."

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.

Source: Irish Independent

 

Read more on

Suggested Articles

The combined company, which will retain the Caesars name, will comprise 60 properties and more than 50,000 guestrooms.

Ahead of the Annual Hotel Conference, Simon French, chief economist at U.K. merchant bank Panmure Gordon, talked Brexit and the U.K.'s future.

The newly formed Advantage Hotels has acquired Advantis Hospitality Alliance’s midscale and economy brands Vista and Select Inn.