THE PARTIALLY CONSTRUCTED Kilternan Hotel & Country Club in South Dublin has been bought by the Comer Group for just €7 million.
The price, however, does not represent the full amount that will have to be injected into the hotel to get it up and running, understood to be in the region of another €20 million.
A source close to the deal said that “the price is the least important figure in the equation…it’s what you have to spend on it to make it into a commercially viable hotel and sports complex…it’s a €30 million project by the time someone is finished.”
The hotel’s sports complex, which is 75,000 square feet and will eventually include international standard sports pitches and tennis courts, will account for a large chunk of that extra expenditure.
The deal for the property, which was originally developed using loans from Irish Nationwide and Anglo Irish Bank by the late property developer Hugh O’Regan, was steered by estate agent Colliers International.
David Hughes of Ernst & Young acted as the receiver of the hotel.
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