On behalf the Statutory Receiver, Mr Simon Coyle of Mazars, JLL has advised on the disposal of Portmarnock Hotel & Golf Links to an affiliate of Kennedy Wilson Europe Real Estate PLC for a sale price of €29.8 million.
The hotel, which was originally placed on the market with a guide price of €20.0 million, attracted numerous bids from both domestic and overseas investors, including drawing substantial interest from both wealthy North American and Asian capital sources.
Dan O’Connor, Vice President at JLL, who handled the sale on behalf of the Statutory Receiver, described it as a “highly competitive sales process, which underpins the strength and depth of buyer demand currently prevailing within the Irish hotel investment market”.
“We are delighted to announce the sale of Portmarnock Hotel & Golf Links, both at substantial premium to guide price and within an efficient time scale of just over two months from formal marketing launch to signing contracts. The successful sale is a testament to all of the hard work undertaken by Mazars and NAMA, who oversaw the property during its three years of receivership, our legal advisers Byrne Wallace, Mr Andrew Langwallner of Hotel Asset Management Limited and all of the management team and staff at Portmarnock Hotel & Golf Links”, commented Mr O’Connor.
“The sale is a success on many levels, with the vendor and purchaser also agreeing to transfer a parcel of land into the ownership of Fingal County Council, a move which will benefit the residents of Portmarnock – many of whom are loyal patrons of the hotel & golf business”, added Mr O’Connor.
Portmarnock Hotel & Golf Links marks the first major Irish hotel sale in 2014 for JLL’s newly established hotels & hospitality team in Dublin. The property comprises a full service four star hotel and popular 18 hole championship links golf course, designed by legendary golfer and two times Masters champion Bernard Langer. The hotel is situated just 10.0 km east of Dublin Airport and 14.0 km northeast of Dublin City Centre and it includes 136 well-appointed guestrooms rooms, the Jameson Bar, Sea View Lounge, Osborne Restaurant and extensive and recently refurbished conferencing facilities.