Joint agents CBRE and Tom Spillane & Co are quoting more than €1.5 million for the three-star Derrynane Hotel and eight luxury holiday homes on the Ring of Kerry near the village of Caherdaniel in the south of the county.
The property is being sold on the instructions of Gearoid Costelloe of Grant Thornton who was appointed receiver by Bank of Ireland on March 11th. Accounts filed by the company which owns and operates the hotel, Earrai Traidisiúnta Teoranta, show Bank of Ireland was owed about €3.2 million by the firm at the end of 2013.
Derrynane is a 68-bedroom three-storey hotel on 11.4 acres overlooking Kenmare Bay. It includes a gym, sauna, seaweed bath and steamroom. Outside there are a 15-metre heated swimming pool and tennis court.
The eight three-bedroom holiday homes are in “excellent condition”, according to the agents, while the accommodation in each comprises a ground floor open-plan livingroom/diningroom and kitchen, two double bedrooms and a bathroom, and a first floor master en suite bedroom and a storeroom. Each home has a private patio area.
Derrynane Hotel which is on the Iveragh Peninsula enjoys a spectacular coastal location. There is a national heritage area nearby with more than 300 acres of forest encompassing Derrynane House, the ancestral home of Daniel O’Connell.
The Ring of Kerry, which also incorporates part of the Wild Atlantic Way, is one of Ireland’s most popular tourist routes which links Killarney, Sneem, Caherdaniel and Kenmare.
Location
John Ryan
of CBRE said that, while the property was currently not trading, the opportunity arose to re-establish a substantial food, beverage and accommodation business and take advantage of the hotel’s location.
“In addition, the eight holiday homes are in excellent condition and offer immediate high-end rental possibilities,” Mr Ryan said.
Derrynane Hotel opened in July 1982 and was owned by well-known hotelier Jerry O’Reilly who also owned the five-star Aghadoe Heights Hotel near Killarney. It was sold to European investors for €6 million last September.
