Property advisers JLL and Savills have been appointed to market the Clarion Hotel in the Irish city of Cork for a guide price of over €30 mln.
Property advisers JLL and Savills have been appointed to market the Clarion Hotel in the Irish city of Cork for a guide price of over €30 mln.
The four-star hotel is being sold by the National Asset Management Agency.
At €30 mln, the current annual rent of €2.4 mln represents a net initial yield of 7.66%.
The hotel opened in 2005 and provides 191 rooms as well as extensive conference and leisure facilities.
JLL said the Cork hotel market has now recorded five consecutive years of RevPAR growth (up 11% in 2014 according to STR Global) and outperforms comparable UK cities such as Birmingham, Bristol, Cardiff and Glasgow.
