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River Lee Hotel in Cork for sale

The four-star River Lee hotel in Cork city is up for sale. The hotel is currently owned by one of the country’s largest property development companies, O’Callaghan Properties.

It is reported that Estate agents Savills have been appointed to handle the sale of the Cork hotel which was previously known as the Jurys Cork Hotel. Apart from a great location on the banks of the River Lee, the hotel has 182 bedrooms, a great Fitness Centre and Urban Escape Spa. It contains the popular Weir Bistro and a well-known local bar and an underground car park. The hotel has 29 years left to run on a lease to PV Doyle Hotels which began in 2006. The rent of €2,040,000 is subject to reviews linked to the consumer price index.

Over the last 25 years O’Callaghan Properties has completed a string of retail developments including the Liffey Valley shopping centre in Dublin as well as the Paul Street shopping centre and the Opera Lane retail complex in Cork. Last week O’Callaghan Properties issued a statement explaining its decision to sell the flagship hotel investment. “There is an appetite in the market at present for good quality property investments which are well let with long leases and good covenants. The River Lee hotel investment does not represent a core asset for our company and we have decided to extract value from it now rather than over the remaining 29 years of the lease.”

It is expected that the sale of the River Lee hotel could raise somewhere between €24 million and €25 million.