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The Limerick Strand Hotel is up for sale for €17 million.

Another Irish hotel on the market for a bargain-basement price

Limerick’s Strand Hotel going for €17 million, owners say it’s worth three times that.

THE LIMERICK STRAND Hotel is up for sale for the cut-price rate of €17 million – a fraction of its estimated value after it was redeveloped during the boom.

The four-star, former Hilton-branded hotel overlooking the Shannon River was rebuilt on the site of the old Jury’s Hotel in 2007.

According to the hotel’s website, the new seven-storey complex was worth €50 million after the 184-bedroom rebuild.

The hotel is owned and run by the the Lally family, headed by Galway developer John Lally – who has previously been behind a string of big-ticket property purchases.

In 2006 he bought Humewood Castle in Co Wicklow for €25 million and announced plans to turn the estate into a golf course, but in late 2012 the property was sold to US billionaire John Malone for €7.2 million.

More recently, Malone and Lally have been involved in deals to buy a string of other hotels, including a reported €65 million buyout of Dublin’s iconic Westin Hotel.

The Strand Hotel’s selling agents, Savills and CBRE, said the business was “a thriving hotel” that was well-regarded in the area and benefited from good existing trade.

According to the hotel’s most recent company records, it ran at a small loss in 2012 after turning a profit of nearly €50,000 the previous year.

Over the period it had expanded its staff to 170 workers from 155 in 2011.

The agents said the Irish hotel sector had seen better trading conditions in 2013 thanks to increased visitor numbers and Limerick had recorded the best growth in revenue per room in Ireland so far this year.

Over the past few years, a string of other hotels have been put on the market for a fraction of their pre-crash purchase prices.

READ: Hoteliers riding on the back of tourists. Not literally though

READ: Nama has sold a former Sunderland investor’s hotel for €13 million

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15 Comments
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    Mute Cpm
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    Sep 17th 2014, 4:09 PM

    It’s worth whatever the market is willing to pay for it – not what the people trying to sell it are saying it’s worth.

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    Mute Martin Byrne
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    Sep 17th 2014, 4:17 PM

    Dublins iconic westin hotel? It’s hardly iconic.

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    Mute potatoman
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    Sep 17th 2014, 5:38 PM

    Must have meant ‘chronic’?

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    Mute Ciarán Byrne
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    Sep 18th 2014, 4:03 AM

    Estate agents will use savvy words like this to attract unexpected customers and will try to make you think you like a certain property,..

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    Mute Dara O'Brien
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    Sep 17th 2014, 4:46 PM

    So, what’s going on here, I ask?

    He bought Humewood for €25M and sold it to Malone for €7.2m then he bought the Westin with Malone now he’s selling a €50m hotel for €17m? ???

    I assume Malone will be involved in the purchase – curiouser and curiouser

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    Mute mcgoo
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    Sep 17th 2014, 5:37 PM

    Nice hotel, good meeting point for pre Thomond drinks and fodder

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    Mute Dessie Curley
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    Sep 17th 2014, 4:09 PM

    I will give you 50 euro

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    Mute Truthy Truth
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    Sep 17th 2014, 4:16 PM

    is it just me or are the ads on the journal set to open “on hover” because they open without being touched sometimes

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    Mute Winston Teardrops
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    Sep 17th 2014, 5:16 PM

    Viz Top Tips: Find the buyer who believes it is worth three times that, and simply sell it to them!

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    Mute Tony Skillington
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    Sep 17th 2014, 4:41 PM

    Some sod is hoovering up this kind of profit for a song…keep it for two years and flip it for a sweet profit.

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    Mute Tony Skillington
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    Sep 17th 2014, 4:41 PM

    *property*

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    Mute Ivon Itchie Saq
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    Sep 17th 2014, 4:04 PM

    17 million pffft that’s nothing

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    Mute Martin Keane
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    Sep 17th 2014, 11:37 PM

    170 employees. That’s the important point here.

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    Mute Gavin Stanley
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    Sep 17th 2014, 7:18 PM

    As it is a hotel, would it make sense for the government to buy it and turn it into a hospital. Surely cheaper than building one!!!

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    Mute Jason Campbell
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    Oct 13th 2014, 8:53 PM

    In it right now. It’s gorgeous. I’d buy it if I had 17 million…..but I dont :(

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