The Clarion Hotel Limerick on the market for €3.5m
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, which is the tallest in the country, opened in 2002 and is sited on the the banks of the River Shannon in Limerick city.
It has 158 air conditioned bedrooms arranged over 17 floors, including three penthouse suites with views over the river Shannon.
The hotel also includes a bar, a restaurant, extensive conference and banqueting facilities as well as a health and fitness club.
Savills noted that the Limerick hotel market is seeing 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 a year and the sale is subject to three existing occupational leases with Merzolt Limited. The tenant will be unaffected by the sale.
Limerick is home to a range of Industries such as ICT, financial and engineering/consumer products. The city is “steeped in history and culture with popular visitor attractions such as King John’s Castle, Hunt museum or one of the many sporting events that Limerick has to offer”. Limerick City is about 27km from Shannon Airport and 1.6 million people passed through the airport in 2014 and this is expected to increase to 1.7m for 2015, the firm noted.
The Clarion Hotel Sligo went on the market last week for €7m, read more on that here.