Lucrative Irish hotel on the market for €17m
25 September 2014
One of Ireland’s most popular and profitable hotels, the Limerick Strand Hotel, is on the market for €17m, with Savills and CBRE handling the sale.
The award-winning 4-star hotel, built in 2007, overlooks the River Shannon and is a stone’s throw from Limerick’s main shopping, entertainment and business districts. Additionally, it’s close by to Páirc na nGael – home of the Limerick and hurling football teams, and Thomond Park, the home of Munster Rugby.
The hotel includes 184 fully air-conditioned bedrooms, several bars and restaurants and a modern leisure club. Private dining is offered in the John B Keane library, the City View suite and the Shannon suite, whilst the Conference & Banqueting facilities can cope with up to 600 people within its choice of 13 separate meeting rooms.
The Strand Hotel, according to the joint selling agents Savills and CBRE, is thriving and extremely well-regarded in the area, and is often used as a base for those attending the major sporting events taking place at the stadiums in close proximity to the establishment. It also, the joint selling agents added, benefits from a strong existing trade and a strong mix of both corporate and leisure business.
Limerick, Ireland’s third largest city, has a reputation for educational and business excellence, and was designated Ireland’s first National City of Culture in 2014, with many celebratory events ongoing throughout this year. The development of the €660m Limerick Tunnel in 2010 means the Strand Hotel is now just 25 minutes from Shannon International Airport and the Shannon Free Zone, Ireland's biggest multi-sectoral business park and home to Ireland's largest cluster of FDI investment outside of the capital city, Dublin.
2013 was a much improved year for Ireland’s hotel sector, largely fed by an increase in visitor numbers and the resurgence of the Irish brand. Key indicators for 2014 also show considerable growth. Limerick recorded the highest RevPar growth in Ireland for the eight months to August 2014, an increase of 12% on last year. According to Trending.ie, the Strand Hotel outstripped Limerick RevPAR by more than 80% in 2013.