The Ireland and Northern Ireland hotel acquisition market continues to heat up as international investors are attracted by bargain prices, particularly in rural areas.
The Irish Times reported that the 5-star, 120-room Lough Erne Resort, located in Enniskillen, Northern Ireland, near the border with Ireland is close to being sold out of receivership for a fraction of its €33 million (US$44 million) development cost.
The selling price for the resort, which opened at the height of the Irish property boom in 2007 and hosted the 2013 G8 Summit, is reportedly near €7 million to €8 million (US$9.4 million to US$10.8 million), according to The Impartial Reporter. The property, developed by Jim Treacy’s Castle Hume Leisure, entered administration in May 2011 under the charge of John Hansen and Stuart Irwin of KPMG and negotiations with U.S., Chinese and European parties are ongoing. CBRE is handling the sale of the resort.
