Price of Cork Hotel and Golf resort reduced to sell

The asking price of the four-star Blarney Hotel Golf and Spa resort on the outskirts of Cork city has been reportedly dropped to €7 million in order to tempt potential buyers into completing a purchase. Located just 12 km to the northwest of Cork city, the project is estimated to have originally cost in the region of €25 million to develop. In 2009 AIB was owed some €20 million by the developer when the bank appointed Billy O’Riordan of PWC as receiver. At that time a price-tag of around €15 million was put on this Cork resort.

As well as the four-star hotel the resort boasts the only 18 hole golf course in Europe to be designed by golfer John Daly. Set in almost 170 acres in the beautiful wooded Shournagh valley, the course also includes 38 two-bedroom golf lodges. Apart from its proximity to Cork city, the resort is only 4 kilometers from Blarney village which attracts some 400,000 visitors a year to the famous Blarney castle and stone. So it is well placed to take advantage of these tourists as well as the recent reported upturn in global golf tourism.

The current operator, Windward Management, is reported to be generating some €3 million in turnover from the hotel which has 61 bedrooms including 24 executive rooms and a bridal suite. There are also three conference suites, a health spa complete with 20-metre pool and a fully-equipped gym. Cormac’s Bar and the Inniscarra Restaurant round off the hospitality facilities.

Paul Collins of agent CB Richard Ellis Hotels said: “At a purchase price of €7m there is also the obvious opportunity to quickly recoup a substantial part of the purchase price by selling on some of the 38 superb holiday lodges, which are included in the sale of the entire resort.”

It is thought that the lodges could sell for somewhere in the region of €50,000-€75,000 permitting any new owner to generate between €1.9m and €2.9m just from selling them off. The golf course is run as a proprietary golf club and has the potential to increase local golf memberships as well as being marketed to the wider national and international markets.