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."
Source: Irish Independent