Receiver Kieran Wallace of KPMG, has sold Lisloughrey Lodge, Cong, Co. Mayo. The sale was advised by international real estate advisor Savills. Red Carnation Hotels purchased the four star boutique hotel, which was marketed at a guide price of €2.5m.
Lisloughrey Lodge, located adjacent to the historic Ashford Castle Estate, features 50 bedrooms and suites, The Quay bar, Wilde’s restaurant, conference and banqueting facilities, fitness centre and treatment rooms. It has views over Lough Corrib and is a popular wedding location.
The new owners, Red Carnation Hotels acquired the adjoining five-star Ashford Castle in 2013 and are currently undertaking a significant refurbishment and upgrading programme of the Castle.
General manager of Ashford Castle Niall Rochford said: “We plan to make this into a seamless resort, with guests of the Lodge now coming through the main gates of the Castle.” He said the Lodge would continue to target weddings and family groups with rates about 40 per cent below those of the Castle, which is currently undergoing a multi-million euro refurbishment.
Tom Barrett, head of Savills Hotels and Leisure team in Ireland, says: “The hotel is an ideal wedding location and is an attractive match for Red Carnation Hotels given their recent purchase of Ashford Castle in May 2013. The Irish hotel transaction market was very active in 2013, recording a total investment volume of approximately €200m, with Savills advising on almost 60% of deals based on value. Properties included five star hotels such as Sheen Falls and The Kingsley Hotel in Cork along with branded city centre hotels including the Clarion Hotels at Dublin Airport and IFSC and The Radisson Cork.”