PLACING well known hotel in Killaloe on the market with a guide price of €2 million has attracted more than a dozen inquiries, according to a Limerick-based auctioneer.
It is believed that Gary McNamara, the son of EuroMillions winner Dolores McNamara has put a hotel he purchased in 2019 up for sale after it never re-opened its doors.
Mr McNamara, who owns Tinerana House, Ballycuggeran, Killaloe, and is farming in the locality, has a number of business interests in the locality including Lough Derg Marina.
The Killaloe Hotel was only placed on the market two weeks ago and already it has attracted a lot of inquiries from interested investors.
This include five viewings of the 32-bed boutique hotel with all ensuite rooms with more expected over the coming week.
The hotel closed unexpectedly in early January 2019 with the loss of up to 40 jobs. Speculation that it would re-open later that month never materialised.
Gordon Kearney of Rooney Auctioneers, Limerick, believes that purchasing the Kilaloe hotel is a very good investment for any hotelier or businessman.
“Like the old adage, every cloud has a silver lining. I am quite impressive with the amount of hoteliers who have made enquiries about this hotel.
“It seems a number of hoteliers had expected this hotel to come on the market and see this as an opportune time to acquire it.
“I know we are going through difficult times at the moment but a lot of hoteliers believe these difficult times will ease and we will get back to some type of normality in a year or whenever.
“They think the location of this hotel and the refurbishment that was completed puts it at the top of their inquiry list,” he said.
In an interview with the Clare Champion, Mr Kearney revealed he is quite taken aback with the high level of interest in this property, which is very encouraging from a selling perspective.
Apart from some works that are needed to complete the spa facility, he said every other facility is in “turn key condition”.
“The Killaloe Hotel has lovely views of the marina and the lake. What is also very attractive is the new Killaloe bypass route will emerge very close to this hotel, which will make it very accessible off the motorway once this is completed.
“People are also aware of this fact, which is why it is at the top of peoples’ list. It is for sale by private treaty at the moment but if interest continues to increase we may opt for a private auction,” he explained.
The hotel includes a lounge, function room, kitchen, bar, reception and ancillary areas. The property has a commanding view over Lough Derg to the rear with ample car-parking and gardens to the front.
It has been refurbished throughout and is finished to a very high standard. Patrons enter the hotel via a large bright entrance lobby with feature fireplace. There is a passenger lift for access from the lobby to the first floor bedrooms.
The bar, dining room and breakfast room has panoramic views over Lough Derg with balcony and seating area to the exterior.
The large function room complete with bar and oval window can be opened up into the library to extend the space if required. The entire property is situated on a site of approximately 1.83 acres.
A number of groups had to seek alternative accommodation when the hotel shut down without any warning in January 2019.
East Clare Harriers were informed on January 2, 2019 their annual Hunt Ball would not be taking place in the Killaloe Hotel on January 19 and this has now been rescheduled to take place in Treacy’s West County Hotel, Ennis on the original date.
In a social media post at the time, a spokesperson for the East Clare Harriers stated this ball was cancelled at short notice and to say they are disappointed and frustrated is an understatement.
Dan Danaher
East Clare correspondent, Dan Danaher is a journalism graduate of Rathmines and UL. He has won numerous awards for special investigations on health, justice, environment, and reports on news, agriculture, disability, mental health and community.