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Mind your manor

Got €27 million to spare? Five star Adare Manor could be yours

The real estate agent this morning denied that Nama is selling the property.

ManorfromEighteen Adare Manor from the golf course CBRE CBRE

THE FIVE-STAR Adare Manor hotel and golf resort in County Limerick has been put on the market with a guide price of between €25 million and €27 million.

The hotel has 62 bedrooms set on 766 acres of parkland on the banks of the Maigue River. There had been speculation that loans linked to the property had been transferred to Nama, and the state’s bad bank was the sale of the hotel.

However, this morning CBRE, which is selling the property, said that Nama was not behind the sale.

The property was originally built in the 19th century as a residence for the Earl of Dunraven, before being acquired by Tom and Judy Kane in 1987, who restored the hotel to its current state.

The architectural features of the hotel include 52 chimneys, one for each week of the year, 75 fireplaces and 365 leaded glass windows. The golf course was designed by Robert Trent Jones Senior.

Tom Kane is not listed as a director in any of several companies linked to the management and ownership of Adare Manor and its facilities.

A management buy-out for the hotel, which aimed to alleviate the burden imposed by bank debt, was floated in recent years, although it is unclear if it went through. The precise identity of the vendor is not known at this stage.

The market for hotel sales in Ireland has been accelerating sharply during the year, led by outfits like Brehon Capital Partners, which has purchased the Mount Juliet resort in Kilkenny and Powerscourt Hotel in Wicklow.

A report by CBRE earlier this year found that hotel sales in Ireland for the first six months of the year were nearly three times higher than for the same period in 2013, with around €132 million in transactions closed during the period.

Adare Manor is being sold in three lots, with buyers offered the chance of purchasing just the hotel and golf course, the resort and agricultural land connected to it, or the agricultural land alone.

Read: Hotel sales are up by €84 million this year>

Read: Done deal – Mount Juliet resort sold to private equity player for €15 million>

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