Ireland
UK
Scotland
London
A Maldron Hotel location in Oranmore, Co Galway, has been put up for sale.
The property has been placed on the market at €13 million by Savills Ireland.
The hotel opened in 1998 and has since been extended. It is situated in a highly accessible location, in proximity to several business and industrial parks, Ballybrit Racecourse and public & private hospitals in Ireland's fourth largest city.
The 113 bedroom hotel represents an opportunity to acquire a modern and very high quality leased hotel investment. The hotel has extensive conference facilities, a full leisure club & pool and is located 10 minutes from five business parks and two industrial estates. At €13m, the current upward only annual rent of €900k represents a net initial yield of 6.3%.
Galway is the pharma/medtech centre for the west and enjoys strong corporate and multinational trade from Boston Scientific, Johnson & Johnson and Medtronic and others such as Fidelity Investments, Oracle, SAP, Smyths and Wayfair. Galway is a leading tourist destination with numerous annual festivals and is the largest stopping point on the Wild Atlantic Way.
Tom Barrett, Head of Hotels & Leisure, Savills commented: "Galway hotels trade with consistently high occupancy and strong ADR growth. Year round, the city attracts high spending domestic and international tourists. The Maldron Oranmore, represents a rare opportunity to acquire one of Europe's strongest hotel covenants."
