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Tuesday, 30 October 2012

Parknasilla Sells For Over 10 Million...

Parknasilla sells for over €10 million to overseas investor...


LESS THAN seven weeks after being offered for sale, the Parknasilla Resort Spa in Co Kerry has been taken off the market after a satisfactory offer was received by selling agent Savills.
An overseas buyer is understood to have offered in excess of the guide price of €10 million for the four-star resort which is being sold on behalf of Bank of Scotland (Ireland).
The Sneem hotel was bought six years ago by property developer Bernard McNamara for almost €40 million. He subsequently spent at least €30 million on enlarging and upgrading the resort and building 62 self-catering lodges and villas in the grounds.
Tom Barrett of Savills said the sale had attracted over 100 inquiries, most of them overseas hotel groups and investors.
Savills is also close to wrapping up the sale of the Cork International Airport Hotel, also owned by McNamara.
An overseas buyer is to pay over €5 million for the facility which was developed at a cost of around €35 million.
Report Irish Times.

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