JURY’S hotel in Limerick has been put up for sale as a going concern for in the region of €3m.
The public sale follows the receipt of “recent expressions of interest”, but its sale will have no impact on the day-to-day operations of the hotel which has been in business in the heart of the city for 16 years.
John Hughes of CBRE is quoting in the region of €3 million for the three-star, 151-bedroom hotel over eight storeys on Lower Mallow Street.
“The hotel is an established business offering a superb opportunity for existing hoteliers, investors and new entrants to acquire a going concern business in the heart of one of Ireland’s principal cities,” CBRE, the commercial real estate company, stated in a release this week.
They highlighted to potential buyers that the hotel occupies a commanding position in the city, and lies near the €5m redevelopment of Howley’s Quay.
Major improvements to the riverside walkway are due to be completed in the coming weeks.
The budget hotel chain, where overnight stays in Limerick would cost in the region of €49 to €64, employs in the region of 2000 people.
The hotel also includes the Arches Restaurant, the Inn Pub, and a ground floor meeting room to accommodate 40 delegates.
Jurys Inn has no plans to sell any other hotels in its portfolio, which amounts to 32 hotels in Ireland, the UK and the Czech Republic.
CBRE have confirmed that the hotel is being offered to the market for sale by private treaty with the process to take a number of weeks to complete.
It is the second Limerick hotel to come on the market in recent weeks.
DTZ Sherry FitzGerald recently launched a marketing campaign for the Radisson Blu Hotel and Spa on the outskirts of the city.
The four-star, 154-bedroom hotel, which is expected to make about €4 million, was built in 1970 and extensively renovated in 2002.