Property adviser Savills has sold Cork International Airport Hotel in the Republic of Ireland to an international investor on behalf of receiver Grant Thornton. The name of the buyer was not disclosed.
Property adviser Savills has sold Cork International Airport Hotel in the Republic of Ireland to an international investor on behalf of receiver Grant Thornton. The name of the buyer was not disclosed.
The prime four-star hotel property went on the market in June 2012 and has now sold in excess of the guide price of EUR 4.75 mln.
Opened in July 2007, the property is located within walking distance of the terminal at the international airport in Cork, the second-largest city in the Republic of Ireland.
The hotel comprises 145 bedrooms, a lounge, bar, restaurants, sandwich bar and bakery. It also offers conference and banqueting facilities which can cater for up to 320 people and 10 meeting rooms.
The buyer plans to retain Tifco Hotel Group as the hotel operator.
Tom Barrett, head of hotels at Savills Ireland, commented: '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.'
