A landmark hotel in the Mid-West, the Limerick Strand Hotel, has been bought by an internationally known US investor for a figure in excess of €20m.
The purchaser, Irish-American billionaire, John Malone is chairman of Liberty Global and also owns the Discovery Channel, UPC and several other global cable providers and is also the largest landowner in the US, with holdings of over 2.1m acres.
The sale was confirmed in a joint statement issued by CBRE and Savills hotel groups.
Built from new in 2007, the 4 star Limerick Strand, situated on the Ennis Road, overlooks the River Shannon and is a short stroll to Limerick’s main shopping area. This award winning hotel is highly regarded as an excellent base for all of Limericks major sporting events, as it is also within walking distance from the Gaelic Grounds and even closer to the world famous Thomond Park.
The hotel features 184 bedrooms, several bars and restaurants, extensive conference and banqueting facilities and a modern leisure club with upwards of 900 members.
The Limerick Strand Hotel’s new owner has, in recent years, been very active in the Irish property market, especially the hotel sector. Mr Malone’s his acquisitions include, the Hilton Hotel, Trinity City Hotel and the Westin Hotel in Dublin City centre. He completed his first Irish acquisition in 2012 with the purchase of the 400 acre Humewood Castle estate in County Wicklow.
“The acquisition of the Limerick Strand Hotel by such a high profile international investor is a real confidence boost for the overall Irish hotel market – and especially for the Limerick region – and brings Mr Malone’s recent investment in the sector to an impressive €150m over the last two and a half years,” commented Dermot Curtin of CBRE Hotels.
Mr Curtin said the hotel sector in Ireland has enjoyed much improved trading conditions in 2014, largely driven by an increase in visitor numbers, as well as improving economic conditions in the country.
“Forty-five properties were sold in Ireland in the first nine months of 2014, totalling almost €280 million between them. This is remarkable considering that 33 hotels totalling €160 million transacted in the entire year in 2013,” he said.