A BUYER has been found for the landmark Two Mile Inn hotel on the Ennis dual carriageway – two years after it first went on the market and almost four months after it ceased operations.
It is understood that the price agreed was in the region of €1.2 million. The agent for the sale, Tom Crosse of GVM Auctioneers, confirmed this week that a deal had been done and, although he remained tight-lipped about the identity of the buyer, it is believed that the building may be converted for use as a nursing home or similar activity.
One of Limerick's longest-established hotels, the Two Mile Inn was built by Tom Ryan and later taken over by local hotelier Brendan Dunne in the mid-1970s.
In October 2008, Billy O'Riordan of PriceWaterhouseCoopers was appointed as receiver and he placed the hotel on the market as a going concern.
At the time, the price being sought was in the region of €7m. However, two years later, when a buyer could not be found, the asking price was slashed to €1.2m.
At the time, Mr Crosse described this as a "giveaway price" for such a substantial and high profile property. The price reduction resulted in a significant increase in demand and it is believed that there were a number of offers made in recent weeks.
The property is very substantial, with 123 bedrooms, a bar/restaurant area and conferencing facilities as well as extensive car parking space. It occupies an 11-acre site on the Ennis dual carriageway, just at the edge of the city.
The hotel ceased operations last September, with the loss of 15 jobs.