JLL has advised on the sale of Portmarnock Hotel & Golf Links in Ireland to an affiliate of Kennedy Wilson Europe Real Estate for a sale price of €29.8 million—or roughly $40 million.
The hotel, which was originally placed on the market for €20.0 million, attracted numerous bids from both domestic and overseas investors, including drawing substantial interest from both wealthy North American and Asian capital sources.
Dan O’Connor, VP at JLL, who handled the sale on behalf of the Statutory Receiver, described it as a “highly competitive sales process, which underpins the strength and depth of buyer demand currently prevailing within the Irish hotel investment market.”
Portmarnock Hotel & Golf Links marks the first major Irish hotel sale in 2014 for JLL’s newly established hotels & hospitality team in Dublin. The property comprises a full service four-star hotel and 18-hole championship links golf course, designed by two-time Masters champion Bernard Langer. The hotel is 6 miles east of Dublin Airport and includes 136 rooms.