A LANDMARK CORK hotel has been put up for sale for €1.4 million.
The Ambassador Hotel, which is on Military Hill on the north side of Cork City, has been put up for sale by receivers KPMG. The hotel has been in receivership since May 2012 and hotel management experts BDL have been retained to run the day-to-day affairs.
The hotel’s trade won’t be affected by the sale and is available free from the existing management agreement, says Denis O’Donoghue of Savills, who have been appointed to sell the property.
“Cork is a strong and vibrant city and there is a continuing improvement in hotel business. We have had a very positive experience in selling hotels in Cork such as the Cork International Airport Hotel and The River Lee Hotel located on Lancaster Quay in the past 12 months.
The Ambassador Hotel represents an exceptional opportunity for any operator or investor seeking a solid foothold in the Cork City market.
Cork has been performing strongly in the hotel trade in 2013, with a Trending.ie report showing growth in the revenue earned per available room (RevPar) of 9 per cent in the first quarter of 2013.
The property trades as a 4-star and was established in the late 1990’s.
The hotel features bedrooms, two bars, restaurant, conference and banqueting facilities and a leisure centre. The hotel has extensive conference and banqueting facilities with two function rooms and can cater for up to 220 guests.
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