Dalata Buys Clarion Hotel, Cork

13 Oct 2015 | 10.40 am

Dalata Buys Clarion Hotel, Cork

Hotel group invests €35.1 million

13 Oct 2015 | 10.40 am

Joint selling agents Savills and JLL announced the investment sale of the Clarion Hotel, Lapps Quay, Cork to Dalata Hotel Group for a record-breaking €35.1 million.

The sale of the Clarion Hotel comprises an investment sale only. The existing tenant is not affected. The hotel will continue operation under Merzolt Limited t/a Choice Hotel Group, as per the terms of a 35-year leasehold agreement with a current annual rent of €2.402 million, subject to upward only rent reviews every five years.

Opened in 2005, the 191-room, four-star hotel sits on a waterfront position in the City Quarter development on Lapps Quay, the heart of the Central Business District in Ireland’s second largest city. Cork enjoys strong corporate and multinational presence including Amazon, Apple, EMC2, GlaxoSmithKline, Intel, Pepsi and Siemens.

Commenting on the sale, Tom Barrett, Head of Hotels & Leisure, Savills said the sale ended above the guide price of €30 million after competitive bidding.

“With high-quality conference and leisure facilities and a prime Cork CBD location, the investment sale of the Clarion Hotel Cork attracted a strong level of both domestic and international buyer interest,” said Barrett.

Dan O’Connor, Senior Vice President, JLL also commented: “The sale of the Clarion Cork comprises the largest-ever hotel sale within the Cork City market, which is testament to the underlying strength of the Cork hotel operating market and the hard work undertaken by the vendors professional team.”

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