Cork International Airport Hotel has been sold to an undisclosed buyer for a sum above the guide price of €4.75m.
Receiver Paul McCann of Grant Thornton, appointed by Bank of Scotland had instructed Savills Hotels and Leisure to sell the Cork property, which is a 145 bedroom, 4 star hotel within walking distance of the airport.
It was developed by Bernard McNamara and opened in July 2007 at the height of the property bubble.
According to Tom Barrett of Savills; “This is an important sale for the Irish hotel industry and is a vote of confidence for the Cork economy. It demonstrates that there is strong demand for good hotel properties and international investors are buying outside of Dublin.”
A second major hotel is also expected to be sold before the end of the month with a price of around €65m expected for Dublin’s Burlington Hotel.
US private equity group Blackstone and UK group London & Regional are said to be leading the bidding for the Southside hotel.
It is being sold by estate agents CBRE on behalf of Bank of Scotland. It is expected the new owner will invest €10m in the hotel.