Dublin,
03
April
2017
|
10:00
Europe/Dublin

Hillgrove Hotel, Monaghan – Sold

Dublin, March 2017 – Dermot Curtin of CBRE Hotels is delighted to confirm the off market sale of the 4 star award winning Hillgrove Hotel Monaghan. The Hillgrove is being sold by the proprietors, Colm & Audri Herron who have decided to retire after a long and successful career in the Irish hospitality industry.

The new owners of the Hillgrove Hotel are iNUA HOSPITALITY, a very progressive indigenous Irish Hotel group who are developing a strong presence in the Irish provincial hotel market. This latest acquisition will be their 6th hotel purchase in the last 3 years. iNua Hospitality are also the owners of the 5-star Muckross Park Hotel & Spa in Killarney, The Kilkenny Hibernian Hotel and the Radisson Blu Hotels at Little Island in Cork, Limerick & their recent acquisition of the Radisson Blu Hotel in Athlone.

The award winning 4 star Hillgrove Hotel has firmly established itself as one of the premier family oriented hotels in Ireland and has deservedly earned an excellent reputation – and many awards - as one of the leading wedding, function and special event venues in the northern half of the country. The Hillgrove is set on its own private grounds extending to over 6 acres, opposite Macartan’s Cathedral and just a few minutes from Monaghan Town Centre.

The present owners acquired the hotel in April 2004 and, since then, the Hillgrove has benefitted from substantial and ongoing capital investment which to date, runs to approximately €10m. The principal capital investment projects in that time were the addition of 43 spacious ensuite bedrooms and the development of the Living Well Leisure Centre & Spa facility which today has nearly 1,000 local members. This regular and ongoing re-investment in the hotel has ensured that the Hillgrove is now one of the most highly regarded and best equipped, full service hotels operating in Ireland.

INVESTMENT HIGHLIGHTS

  • Highly profitable, modern 4-star Hotel with 87 spacious, ensuite bedrooms

  • Superbly accessible town location, on a 2.7 ha(6.68 acre) site - with potential for further development – and secure parking for over 440 cars/coaches

  • Extensive wedding, function, conference & event facilities with an overall licenced capacity for up to 1,500 guests

  • Luxury Spa with 7 treatment rooms – Health & Fitness Club with a 17m indoor pool, fully equipped modern gym and approximately 1,000 local members

  • Conference Centre with separate entrance from car park and a dedicated high tech Business centre with a Boardroom and 7 meeting rooms

  • 2 x Restaurants, extensive bar/lounge, private dining rooms, residents Lounge, children’s play area, outdoor hot tub

  • Award Winning: Best Family Hotel 2013/2015, Best Wedding Venue Ulster 2015 & 2016, Top 25 Best Hotels in Ireland (Tripadvisor)

  • Title: Freehold

The Hillgrove enjoys a very strategic location - easily accessible from both Dublin & Belfast – and serves a wide, well populated, cross border catchment area, drawing its clientele from several counties including Monaghan, Cavan, Louth, Armagh, Fermanagh & Tyrone. Monaghan, the administrative capital of the county, is a strategically important and fast growing urban area with a strong and vibrant commercial base and is also an integral part of Failte Ireland’s innovative ‘Ancient East’ tourism programme.

Under the astute guidance of the Colm & Audri Herron, the Hillgrove has traded exceptionally well for many years with steady growth across all its business lines as it continues to increase its market share. The especially strong trading performance over the last couple of years confirms the success of the hotels excellent business model which attracts its clientele from a wide catchment area on both sides of the border. The Hillgrove enjoys an extremely profitable and vibrant business with a very strong pipeline of wedding, functions & other major events booked through for the rest of 2017, into 2018 and beyond.

The Hillgrove Hotel is being sold as a going concern, which means that all the existing management & employees will be continuing with the business. Also, iNua Hospitality wish to assure all weddings & functions that all bookings will be honored as per the terms previously agreed.

Sean O’Driscoll, Group General Manager of iNUA HOSPITALITY, said: “We are delighted to acquire The Hillgrove Hotel in Monaghan, a very well established and very successful four-star property. The Hillgrove Hotel has strong year-round business with an excellent reputation in both the leisure & wedding markets. The hotel is an important part of the local community in Monaghan and iNua Hospitality together with the team at The Hillgrove hotel look forward to playing an active role in the community. The purchase of the hotel gives us our first property in the North East of the country and is consistent with iNua Hospitality’s strategy of purchasing well established 4 & 5 star regional hotels”.

Colm & Audri Herron, who are now relinquishing the reins after their very successful tenure in the Hillgrove, commented:

“Although we are hugely looking forward to our retirement, we will be sad to leave all the friends we have made along the way in the Hillgrove Hotel. However, we are delighted to have found the perfect successor in INUA, who we believe will take the Hillgrove Hotel onwards and upwards from this point.

On a personal note, we, along with our daughter Scarlett, would like to thank our Staff from the bottom of our hearts, for all their loyalty, hard work and most of all their friendship, over the last number of years. iNua are extremely lucky to be inheriting such a hardworking, dedicated, talented and amazing team. The Hillgrove Hotel Management Team and Staff, have proved over the years, that it is they, Team Hillgrove, that make the Hillgrove Hotel the special and Majestically Magical place that it is. Our grateful thanks also must go to our amazingly loyal customers who have supported us all over the years and our man y suppliers who have worked alongside us. We have no doubt that INUA, with their strong hotel background and experience, together with the best and most loyal employees one could hope to find anywhere, will further enhance the great reputation and the privileged position the Hillgrove enjoys within the local community and, we expect, they will bring much future success and innovation to the Hotel. We wish iNua and the Hillgrove Hotel Staff every best wish for the future.”

Dermot Curtin of CBRE Hotels advised the vendors on this off-market sale and commented: “this is a very important sale for the Irish provincial hotel market – especially for hotels in the Northern half of the country - as it delivers a very strong affirmation that if the hotel is well located, has a strong and growing customer base and enjoys a proven trading track record, there are investors out there who will be very keen to take on any such opportunity.

It is always CBRE’s aim to get the best possible outcome for all parties in major sales such as this and we are very pleased that in INUA, we have found the perfect purchaser for this very successful hotel. My clients (Colm & Audri Herron) instructions from the outset were that any potential new owner must share the same ownership philosophy as they have had all of these years i.e.; that customer service and the wellbeing of their employees must be at the very top of their agenda. INUA have already established an excellent reputation for delivering very high standards of service and a high level of care for their employees and once those criteria were confirmed, the sale could be agreed.”

No sale price has been disclosed.

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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 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, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.