Dublin,
02
August
2016
|
11:57
Europe/Dublin

The Lyrath Estate Hotel, Spa & Convention Centre, Kilkenny – Sold

Dublin, 29th July 2016 - CBRE Hotels are delighted to confirm the successful sale of the Lyrath Estate Hotel – one of Irelands most popular and successful five star Resort hotels, which is superbly located just 1.2 kms from the historic Kilkenny City. The sale was arranged on the instructions of Mr Kieran Wallace, Receiver (Lyrath Estate Ltd – in Receivership)

The Resort has been sold as a going concern to a consortium of successful Irish investors advised by O’Connor Pyne & Co., a leading accountancy and advisory firm in Munster and specialists in the hospitality sector, having previously advised in hotel acquisitions throughout the country most notably the Fota Island Resort in Cork.

The award winning Lyrath Estate Hotel & Spa comprises the original 17th century Lyrath House which has been carefully restored to its original grandeur and now sits perfectly with the more contemporary four storey purpose built hotel.

Since opening in 2006, the Lyrath Resort has become one of the most popular wedding and function hotels in Ireland and has very substantial forward business on the books for both 2016 and 2017 – further underpinning the future success of the Resort for many years to come.

Investment Highlights

  • Very profitable 5 star Resort Hotel on c. 69ha, just 1.2kms from Kilkenny City
  • 139 luxuriously appointed and spacious bedrooms & suites with full Air Conditioning
  • South Leinster’s most popular wedding & function venue – with a strong pipeline of weddings/events confirmed for 2016, 2017 and beyond
  • Kilkenny Convention Centre with high tech facilities for up to 1,800 and 10 breakout rooms
  • Excellent range of Restaurants, Bars, Conservatory, lounges and private dining rooms
  • Oasis Spa – Hotel Spa of the Year 2015 - 10 treatment rooms, relaxation suites, saunas, steam rooms, hydrotherapy pool, rasoul and nail bar
  • Health club featuring 17m infinity edge pool, sauna, jacuzzi, fitness centre, aerobics & crèche
  • 24 seat private cinema and children’s Game Console room
  • Fully equipped Laundry – supplies the hotel’s entire laundry needs
  • Mature, landscaped lawns & gardens, ideal for outdoor events and photo shoots
  • Perfect destination for domestic short breaks/domestic holiday market
  • Significant capacity to develop further high quality leisure & sports facilities
  • The sale includes a 2 bedroom gate lodge and a modern stable building.

With such a large overall site area (69ha / 170 acres) and good road frontage, the Lyrath Estate offers undoubted potential to add further to the already excellent leisure amenities, perhaps by adding a sports academy, equestrian and/or golf facilities.

Dermot Curtin, Director, CBRE Hotels
The sale of the Lyrath Estate Hotel, Spa & Convention Centre delivers a very strong message to the market - to both hotel owners and investors - that there are willing purchasers out there with funding in place for quality Irish hotel properties, especially those Hotel & Resort properties that are well located, properly run and highly profitable, as the Lyrath property undoubtedly is.
Dermot Curtin, Director, CBRE Hotels

Outside of Dublin city centre, Kilkenny is one of the country’s most sought after ‘hotel hotspots’ and the Lyrath Resort is without doubt, one of the most successful, full service, modern 5 star hotel & resort operations in Ireland today. The successful purchasers also have the benefit of having an excellent, skilled team of highly motivated and expert hotel professionals on board with them, a team who have a tremendous record of achievement within the hospitality industry to date. With a substantial number of weddings, conferences, functions and other large events already on the books for the coming years, the future success of the Lyrath Resort operation is guaranteed”.

Conor Pyne said: “We are very much looking forward to working with a new management team together with the existing staff of the hotel. The investors have an ambitious capital investment programme to enhance Lyrath to be one of the leading luxury destinations in the country.”

Neither CBRE Hotels or Conor Pyne would be drawn on pricing but informed market sources suggest that the sale price was well in excess of the original guide price of €20 million plus.

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.