Shannon Court Hotel sold to experienced operators
Specialist property adviser Christie & Co has sold Shannon Court Hotel on behalf of Frontline Asset Management Limited for a figure in excess of the €1.1m guide price. The hotel has been purchased by Clare Road Hotel Services Limited, an experienced hotel operator, with the newly named Shannon Springs Hotel being the company’s first fully owned hotel.
The hotel, located in close proximity to Shannon Airport, has 54 guest bedrooms, a restaurant, pub, mini-gym, two small retail units and ample on-site car parking.
The hotel has benefited greatly from the activity at Shannon Airport which has experienced significant growth since separation from the Dublin Airport Authority in 2013. Overall passenger numbers in 2014 increased by 17% year on year to 1.64 million, with latest reports advising that Christmas passenger numbers for 2015 are up over 4% on 2014.
Ireland is on track to be the fastest growing economy in Europe in 2015 for the second year running with GDP growth of 6.7% by year end 2015. The national income is also expected to exceed €200bn+ by year end 2015 while inflation will remain below the EU average. The current growth experienced in Ireland is more than double the Eurozone’s next most buoyant economy, Spain.
Dave Murray, Head of Brokerage for Ireland at Christie & Co comments: “The sale of Shannon Court Hotel to Clare Road Hotel Services Limited demonstrates further evidence of the high levels of interest for trading hotels in provincial locations in Ireland. The level of appetite from domestic lenders is also very positive as they are increasingly active in regional locations for hotels with strong business potential.”
John Gavin and Dermot Kelly of Clare Road Hotel Services Ltd are both highly experienced operators with over 25 years of industry experience. The new owners comment: “We are both really delighted to have purchased the landmark Shannon Springs Hotel. We have taken over a great hotel with great staff that will be the driving force to its continued success.
“We have very ambitious plans for the hotel and are looking forward to sharing these with the team and getting started. We have already completely refurbished the hotel kitchen and have introduced an exciting Gastro Menu to the pub which has been very well received to date. Over the coming months we also plan to open the restaurant and roll out a new concept for lunch and dinner as well as invest further in the hotel bedrooms.”
