Joint selling agents Savills and JLL have just announced the investment sale of the Clarion Hotel, Lapps Quay, Cork to Dalata Hotel Group for a record breaking price of €35.1 million.
The sale of the Clarion Hotel comprises an investment sale only (existing tenant not affected) and it will continue to be operated by Choice Hotels Ireland under the Clarion brand.
Opened in 2005, the 191 guestroom four star hotel has an enviable waterfront position within the City Quarter development on Lapps Quay – the heart of the Central Business District in Ireland’s second largest city. Cork, as the commercial centre for the south enjoys strong corporate and multinational presence including Amazon, Apple, EMC2, GlaxoSmithKline, Intel, Pepsi and Siemens. Cork is a leading tourist destination and is the gateway to the Wild Atlantic Way.
Commenting on the sale, Tom Barrett, Head of Hotels & Leisure, Savills stated: “With high quality conference and leisure facilities and a prime Cork CBD location, the investment sale of the Clarion Hotel Cork attracted a strong level of both domestic and international buyer interest, resulting in highly competitive bidding and in the end a sale price well above our excess €30m guide price”.
Dan O’Connor, Senior Vice President, JLL also commented: “The sale of the Clarion Cork comprises the largest ever hotel sale within the Cork City market, which is testament to the underlying strength of the Cork hotel operating market and the hard work undertaken by the vendors professional team including JLL, Savills, Ronan Daly Jermyn Solicitors, Clowater Asset Management, BDO Ireland and the National Asset Management Agency.