Ramada Hotel, Portrush For Sale
CBRE appointed to sell award-winning north coast hotel. Belfast, October 2014 – CBRE has been appointed to bring one of the North Coast’s best-known hotels to the market and offer it for sale by private treaty. The sale offers an excellent opportunity to investors and hotel operators to acquire the 69-bedroom hotel located in the heart of Portrush. CBRE is inviting offers in the region of £2.75m.
The 3 star Ramada Hotel is one of the most popular hotels in the renowned seaside resort with 69 en suite bedrooms, fully licensed bar and restaurant as well as conference and banqueting facilities and rear car parking.
Strategically located on Main Street, Portrush, the hotel benefits not only from the Ramada brand but also the North Coast’s growing reputation as a destination of choice for tourists visiting the Giant’s Causeway, Royal Portrush Golf Club, Old Bushmills Distillery and Carrick-a-red Rope Bridge as well as annual sporting events including the North West 200 and The Airwaves Air Show.
The hotel was extended from 50 to 69 bedrooms in 2004 and with further strategic investment the Ramada Hotel has the potential to significantly grow its revenues and profitability into the future.
Lisa McAteer, Associate Director, CBRE, 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. 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.”
The sale of The Ramada Hotel, Portush is on behalf of Gregg Sterritt and Stephen Armstrong of RSM McClure Watters acting as Joint Administrators and the hotel business is being offered as a going concern with purchasers required to comply with the current TUPE legislation and employment transfer.
Administrator Gregg Sterritt commented, “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.”
Cathy Kapande, INC Marketing – 00 44 (0) 78 2827 2556
Lisa McAteer, CBRE – 00 44 (0) 2890 43 8555
About CBRE Group, Inc.
CBRE Group, Inc. ((NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.eu
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 130 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie./ni