Sellers close in on hotel deal

A couple of parties have expressed interest in the hotel which was offered at a cut-price £500,000, say Savills Estate Agents.

The listed building on Irish Street, was renovated and extended from the former Allied Irish Bank building in 2007 at the height of the property boom.

The previous owners of the landmark hotel had worked hard to make the venue a success during their four year tenure

However, at the start of 2011, the doors were shut, delivering a body blow not only to the staff who worked there, but to many surrounding traders.

It had been expected that the hotel with its 17 ensuite bedrooms would attract a lot of buyer interest.

Savills handled the sale on the instruction of Brian Murphy & Michael Jennings, joint fixed charge receivers, BDO.

They described the well-presented premises as an ‘exceptional hotel opportunity’ in a ‘high profile location’.

“Latterly the property was a family owned boutique style hotel with bars and function rooms and bedrooms. Considerable capital expenditure has been lavished on the property to provide an excellent well presented leisure environment”, said the agency.

“The hotel is currently closed, however this was an established hotel providing an opportunity to re-establish the business particularly with the backdrop of such excellent internal finishes and quality accommodation.”

The commercial rates payable on the premises are quoted by Savills at £18,000 per year.