Contracts Signed at Blarney Golf Resort
Property consultants, Savills, have confirmed that contracts have been signed for the sale of the Blarney Golf Resort in Blarney, Co. Cork. Savills are handling the sale on behalf of the Receiver, Billy O’Riordan, Pricewaterhouse Coopers
The property was first placed on the market in February 2009, but was re-launched with Savills Hotels & Leisure division last month at a €2.5m asking price.
The purchaser is low key Northern Ireland businessman Tom O’Gorman from Newry Co. Down. Mr O’Gorman is a 40 year veteran of the oil exploration and mining industries and is reported as Ireland’s largest private investor in exploration stocks. Companies such as Minmet, Glencar, Pan Andean and Minco have all been invested in at some stage by Mr O’Gorman, but his biggest payday came with the sale of Cove Energy to the Thai Government owned PTTEP for €1.9bn in June 2012.
Mr O’Gorman has confirmed that it will be business as usual at Blarney Golf Resort. He purchased the property as an investment and will continue to operate it as a Hotel and Golf Resort, with plans for further investment in its facilities. Having traded in receivership for the past 5 years, this puts the business and the 120 full and part time jobs at the resort on a secure footing.
Blarney Golf Resort first opened in 2007 and comprises a modern 61 bedroom, 4 Star hotel with a leisure centre containing a 20 metre pool and about 800 members. There is a championship 18 hole John Daly designed 6,712 yard Par 71 Golf Course with approximately 350 members and a large club house with a 250 person capacity function room which is very popular for weddings. Completing the offering are 38 two bedroom golf lodges.
The resort is in excellent condition and attracts both leisure and corporate business. Its popularity amongst locals has also grown significantly in recent years reflecting its excellent food and beverage offering and friendly service.
The hotel sector in Ireland enjoyed much improved trading conditions last year, largely driven by an increase in visitor numbers and a resurgent Irish brand. Trending.ie reported average RevPAR growth for Cork up 10% to €69 in 2013. Cork remains one of the most popular destinations both nationally and internationally due to the increased number of events held in the city and long standing attractions of the region such as Blarney Castle.
According to Denis O’Donoghue & Tom Barrett of Savills Hotels & Leisure who handled the sale on behalf of the Receiver “Blarney Golf Resort represents an excellent acquisition and signifies the growing confidence in the Golf Resort sector. The property attracted very strong interest both domestically and internationally with almost 100 enquiries. After five weeks of marketing, Savills and PWC are delighted with the outcome”