Parknasilla for sale for €10 million

Parknasilla for sale for €10 million

Parknasilla

One of Kerry’s premier tourist hotels, Parknasilla Resort Spa, is to be offered for sale at a fraction of the price paid for it six years ago by developer Bernard McNamara.

The four-star resort was bought for almost €40 million and was subsequently enlarged and upgraded at a cost of well over €10 million. Estate agent Tom Barrett of Savills is now quoting a guide price of €10 million for the Sneem hotel which is located along the famous Ring of Kerry.

The announcement of the sale comes a week after the same receiver, Paul McCann of Grant Thornton, instructed agent CBRE to find a buyer for McNamara’s 501-bedroom Burlington Hotel in Dublin at between €65 million and €75 million, a quarter of the €288 million paid for it as a development play in 2007.

Read more in today’s Irish Times.

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