ONE of Limerick’s flagship hotels - the Strand - has been put on the market for €17m.
The four star, 184 bedroom hotel is billed as one of Ireland’s busiest and most profitable hotels outside Dublin by agents Savills and CBRE, who are handling the sale.
The hotel is understood to have made a profit of more than €1.5m in the past year.
“The Strand Hotel is a thriving hotel, extremely well regarded in the area, which benefits from a strong existing trade and a strong mix of both corporate and leisure business,” say the agents.
Built in 2007, it is managed by Sean Lally and sees strong year round business, especially for sporting events, given its close proximity to Thomond Park and Páirc na nGael.
“The hotel features 184 spacious bedrooms – all with full air conditioning – several bars and restaurants, extensive conference and banqueting facilities and a modern leisure club with approx 900 members,” says the literature accompanying the sale.
“It enjoys very strong corporate business and has an excellent reputation for food, with a number of dining options including; The River Restaurant and The Terrace Bar and Café – all set against the backdrop of the River Shannon,” it adds.
The hotel was developed on the site of the former Jury’s Hotel in 2007 at a likely cost in excess of €40m, forming part of a larger development that also included luxury apartments.
With the hotel sector in general improving in Ireland in the past year, key indicators have shown that Limerick recorded the highest RevPar growth in Ireland for the eight months to August 2014, up 12% on last year.
According to Trending.ie, the Strand Hotel outperformed Limerick RevPAR by over 80% in 2013.
For more on this story, see the Limerick Leader print editions, in shops tomorrow.