Oriel House Hotel, the only hotel in Ballincollig, is for sale at an asking price of €6m. Savills Hotels and Leisure have been appointed to sell the property on the instruction of Kieran Wallace, Receiver, KPMG.
The hotel, which has a 4 star rating, was extensively redeveloped and extended in 2006. It features 78 bedrooms, two bars, restaurant, conference and banqueting facilities for up to 480 people and a leisure club featuring a 25m swimming pool and spa. It is situated on a site of approx. 2.3 acres and has approximately 250 surface and underground car parking spaces.
The hotel market in Cork city grew considerably in 2013 with REVPAR (revenue per available room) growth of 10% according to Trending.ie.
Tom Barrett, Director of Hotels and Leisure at Savills said, “Cork is a strong and vibrant city with a growing economy and there is ongoing improvement in hotel trade. Demand to acquire Cork Hotels is rising and Savills sold 5 Cork hotels in the past 15 months including Ambassador Hotel, Cork International Airport Hotel, Kingsley Hotel, Radisson Blu Little Island and The River Lee Hotel located on Lancaster Quay. Oriel House Hotel is being offered to the market at an asking price of €6million”.
Oriel House Hotel is a 15 minute drive from Cork City Centre and Kent train station which has an hourly service to Dublin. The City 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, 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.
Ballincollig is one of Cork’s largest and most progressive commuter towns and has a population of over 25,000. In recent years, it has witnessed strong development with the addition of the 90 acre Ballincollig Town Centre. Nearby attractions include sailing and watersports at Inniscara, Cork Greyhound track and Blarney Castle.
In terms of business mix, Oriel House Hotel’s proximity to Cork city centre, affluent location, road network and facilities also supports strong leisure and non-bedroom business such as weddings and other social events. The hotel also has an excellent reputation as a business hotel.