On the instruction of Kieran Wallace, Receiver, KPMG, Savills Hotels and Leisure have been appointed to sell The Ambassador Hotel, Military Hill, Cork.
KPMG were appointed Receivers in May 2012 with BDL also appointed as the hotel manager at that time. The strong hotel trade is not impacted by the sale and the property is available free from the existing management agreement, if required.
Room revenue and occupancy rates continue to grow in Cork. Trending.ie reports for Q1 2013 show that Cork City hotels achieved an increase in RevPar of 9% over the same period in 2012.
According to Denis O’Donoghue of Savills; “Cork is a strong and vibrant city and there is a continuing improvement in hotel business. We have had a very positive experience in selling hotels in Cork such as the Cork International Airport Hotel and The River Lee Hotel located on Lancaster Quay in the past 12 months. The Ambassador Hotel represents an exceptional opportunity for any operator or investor seeking a solid foothold in the Cork City market”.
The property is being offered to the market at an asking price of €1.4m.
The property trades as a 4 star and was established in the late 1990’s. The Hotel features 70 spacious bedrooms, two bars, restaurant, conference and banqueting facilities and a leisure centre. The hotel has extensive conference and banqueting facilities with two function rooms and can cater for up to 220 guests. The hotel is on an elevated 1.5 acre site with magnificent views over Cork City and Harbour. There are 70 on-site car parking spaces.
The majority of the property is a beautiful Victorian red brick with a more modern extension to the rear. The property exudes old world charm, has excellent natural daylight throughout and natural features include high ceilings and wide corridors reflecting its Victorian heritage.
The location is only a 10 min walk to Cork City Centre and Kent train station which has an hourly service to Dublin. Cork is home to major employers, and local business drivers include education (UCC – 20,000 staff & students and CIT 15,000 staff & students), healthcare (Cork University Hospital, Mercy & The Bon Secours), IT (Apple, Dell, McAfee, IBM, Amazon & EMC) and medical (Boston Scientific, Johnson & Johnson, Gilead Sciences, Pepsi, Tyco Macom, Novartis and Glaxo Smith Kline). The city centre has major attractions such as the English Market, Crawford Art Gallery, Opera House and shopping on Patrick’s Street and Opera Lane.
In terms of business mix, the Ambassador Hotel’s proximity to the city centre, affluent location, road network and facilities, also supports strong leisure and non-bedroom business such as weddings and other family events.