CORK’S SWANKY WATERFRONT Clarion Hotel has been sold for a valuation-busting €35.1 million.
The hotel has been bought by the Dalata Hotel Group but will continue to be operated by Choice Hotels Ireland under the Clarion brand.
The 191 room four star hotel is located on Lapps Quay in the city and was jointly sold by agents Savills and JLL.
Dalata is Ireland’s largest hotel operator with 40 hotels in its portfolio, including nine Bewley’s Hotels that the group bought as part of a €455 million takeover last year.
The Clarion Hotel also houses the Kudos Bar, a health spa and seven meeting rooms with the tenants of the building unaffected by the sale.
JLL say the sale is the biggest ever hotel sale in the Cork City market.
Savills have described the €35.1 million price-tag as “record breaking” with agent Tom Barrett saying the price is an example of the strong demand in the market at present.
“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,” he said.
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