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55-bedroom hotel sold for €650k as €12.4m realised at property auction

Organisers said the property auction at the Shelbourne Hotel in Dublin today was no longer considered a distressed sale as some 93 lots went under the hammer.

A 55-BEDROOM hotel in Donegal Bay was among a number of properties sold at auction in Dublin today with a total of €12.4 million realised, amounting to a 94 per cent success rate.

Some 2,000 people turned out at the Shelbourne Hotel in Dublin in what organisers Allsop Space said was not a distressed property action as has been the case previously with a third of the lots offered being on behalf of private individuals.

The highest amount offered today was just over €1 million for 22-23 Upper Ormond Quay in Dublin which had a reserve price of €610,000:

But the most notable sale was that of the 55-bedroom Sandhouse Hotel in Donegal Bay, which stands on 3.21 acres and features a restaurant, bar, conference room and spa.

It reached its reserve price of €650,000 as the general manager bought the hotel which had at one stage been on the market for over €4 million during the boom. It had gone into liquidation in February 2009 but had been kept running by staff.

There were over 40 remote bidders including people from Australia, the UK, Italy, the US, the Middle East, Hong Kong and Japan.

Robert Hoban of Allsop Space said the auctioneers were “delighted” with the interest shown again in what was the fifth such auction over the past 12 months and the first of 2012.

“The active bidding present today is a clear indication of the appetite that still exists for property in Ireland once priced sensibly,” he said.

“It is encouraging to see the strength of bidding from overseas buyers as this is having a very positive effect on prices, driving competition with the domestic market. We look forward to continuing the process throughout 2012 and beyond.”

The next Allsop Space auction is set to take place on 2 May.

A 55-bedroom seaside hotel for €650,000: another distressed property auction

GALLERY: 112 distressed properties going under the hammer in fourth auction

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