Dublin,
13
July
2016
|
12:24
Europe/Dublin

Radisson Blu Hotel Athlone - Sold

This outstanding, modern and profitable 4 Star Hotel in the centre of Athlone, superbly located on the banks of the majestic River Shannon, has been sold to iNua Hospitality

Dublin, 13th July 2016 – Dermot Curtin, Director of CBRE Hotels is pleased to confirm the sale of one of provincial Ireland’s best known and most recently developed hotels – the 4 star Radisson Blu Hotel Athlone.

The sale of the hotel as a going concern has been agreed on the instructions of Mr Kieran Wallace, KPMG, Receiver to Earls Holdings Limited (In Receivership), thus protecting all existing employment at the property.

The successful purchaser is the iNua Hospitality Group led by Noel Creedon who will now add the Radisson Blu Athlone Hotel to their very impressive portfolio of Irish hotels that also includes the Radisson Blu Hotels in Cork and Limerick.

Commenting on their most recent acquisition, iNua’s CEO Noel Creedon said ‘The Radisson Athlone is an ideal complement to our two existing Radisson properties in Cork and Limerick and will enable us to drive better efficiencies, service levels and profitability in conjunction with our operating partner Rezidor’. Athlone now brings the overall iNua Portfolio to five hotels.

Purpose built and first opened for business in May 2004, the Radisson Blu Hotel Athlone is now a well established and successful 128 bedroom hotel business serving a large, well populated region of Ireland’s midlands and, with an excellent road network, is easily accessible from all parts of Ireland. The Radisson Blu Athlone is a landmark and highly profitable 4 star hotel, which occupies a prime town centre trading position opposite Athlone Castle and also enjoys a spectacular location on the banks of the majestic River Shannon.

Investment Highlights

• Opened in 2004, the 4 star Radisson Blu Athlone is well established and very profitable

• Enjoys a prime location in the centre of Athlone, on the banks of the River Shannon

• 128 spacious and well-appointed bedrooms & suites, bar, restaurant and Lobby lounge

• Excellent conference & banqueting suites (over 1,000 m2), Ballroom for 650 and 7 syndicate rooms, all fully air conditioned

• Synergy Health & Leisure Club with gym, sauna, steam room, 16.5m swimming pool and treatment rooms

• Unique outdoor Terrace overlooking the Shannon and with direct access to Athlone Marina

• Secure underground and surface private parking with 169 spaces

 

 

Dermot Curtin, Director, CBRE Hotels
The Radisson Blu Hotel Athlone opened first in May 2004 and since then has established itself as one of the most successful and profitable hotel operations in Ireland. The property has excellent facilities and is one of the most highly regarded 4 star hotels in this important Midlands region, in the heart of Ireland. With a vibrant and rapidly recovering economy nationwide, growing domestic short break/leisure demand and record numbers of visitors forecast for Ireland in 2016, there was very strong investor interest - both Irish and International - in this thriving hotel business. This latest transaction in the provincial Ireland hotel market shows again that there is very strong demand for well located, modern and profitable hotel operations in the larger provincial centres and especially those regional centres like Athlone, that are within easy reach of Dublin and Ireland’s other major cities.

The hotel has a highly skilled and motivated management and staff team and now with experienced and progressive new owners at the helm, they will be encouraged to further enhance the property which will allow it reach its full and exciting potential".
Dermot Curtin, Director, CBRE Hotels

While no sale price has been confirmed, market sources believe that the hotel is likely to have traded in the region of €9 to €10m.

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.