Construction BUSINESS

The Clarion Hotel Limerick has been put up for sale by its receiver Kieran Wallace of KPMG with a guide price of over €3.5m.

Savills, which is handling the deal, said the hotel is being offered for sale by private treaty with the benefit of existing occupational leases.

The landmark hotel opened in 2002 and is sited on the banks of the River Shannon in Limerick city.

It features 158 air conditioned bedrooms arranged over 17 floors, including 3 penthouse suites with stunning views over the river Shannon. The property includes the popular Kudos Bar, Sinergie restaurant, extensive conference & banqueting facilities and the SanoVitae health and fitness club.

The Limerick city hotel market is witnessing strong growth in occupancy and average room rates, with both experiencing double digit growth in the year to date. The Clarion Hotel Limerick has a current rental income of €200,000 p.a. and the sale is subject to three existing occupational leases with Merzolt Limited. The tenant will be unaffected by the sale.

Tom Barrett, Head of Hotels & Leisure at Savills commented :

“This is a great opportunity to acquire the freehold interest subject to the existing occupational leases with Merzolt Ltd in one of Limericks finest hotels, occupying a prime waterfront position on the Shannon.”