Portrush Ramada Hotel on the market

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One of the north coast’s best-known hotels is on the market with a £2.75m price tag it has been confirmed.

Agents CBRE are handling the sale of the 69-bedroom, three-star Ramada located in Portrush.

CBRE say they are anticipating significant interest in the hotel.

The hotel was placed in administration last year but has continued to operate.

With further investment it has the potential to significantly grow revenues and profitability into the future, the agents said.

“The sale of the Ramada Hotel, Portrush offers a great opportunity for investors to acquire a substantial and profitable hotel business in the heart of the well-renowned seaside resort,” said CBRE associate director Lisa McAteer.

“In the past nine months alone there have been 45 hotel property sales totaling almost €280 million completed in the Irish market, demonstrating a strong demand and a remarkable turnaround for the hotel sector.

“We expect significant interest from investors who recognise the strength of the hotel market as well as the opportunity to grow a business that benefits from having the globally recognised Ramada brand behind it.”

Administrator Gregg Sterritt of RSM McClure Watters said “We have had significant interest in the purchase of this property from the outset of the administration.

“Now that we are in a position to bring this property to the market we anticipate strong demand to acquire this landmark North Coast hotel.

“The hotel is a strong trading entity with a committed and diligent workforce.”

“We look forward to the forthcoming sale and the continued progress of the business into the future.”