Savills has been appointed by receivers Deloitte to sell the Kingsley Hotel, Leisure Centre and an adjoining site for a guide price of approximately €6 million.  The 131-bedroom hotel traded successfully in the five-star market until November 2009. The adjoining site extends to approximately 2.25 acres and previously had planning permission for a student apartment complex.

The Kingsley Hotel was established in the late 1990s and of the 131 rooms, 55 are large 32 sq m executive bedrooms.  The asset includes the Mary McAleese residential suite, a duplex penthouse which boasts a bar, grand piano and outdoor jacuzzi.  At ground floor level there is a large lobby and lounge, two bars, a library, a function room with space for 200 people and at first floor level there are eight meeting rooms. There is also an extensive leisure centre with a gym and both indoor and outdoor swimming pools as well as a high specification spa which contains 12 treatment rooms and extends over two floors. 

Included with the hotel is a detached five-star block of apartments containing 18 two-bedroom units and one three-bedroom penthouse, all with views of the Lee Fields and the River Lee. Despite the closure of the hotel due to an exceptional flood event in 2009, these serviced apartments currently generate short-term rental income of approximately €24,000 per month with an average occupancy of 75%.

The site, which has a lapsed planning permission for a multi-storey student accommodation complex, is zoned for Residential, Local Services and Institutional uses. Due to its prime location and zoning it provides numerous future development options.

Tom Barrett, head of hotels & leisure at Savills Ireland, says: “We are confident that the Kingsley Hotel will attract very strong interest from both domestic and international buyers.  Cork is a strong and vibrant city with excellent corporate and leisure business which fully supports the reopening of this hotel. The Kingsley represents a similar opportunity to the purchase and recent opening of The Marker Hotel and apartments in Dublin 2.”

The hotel along with the apartments and adjoining site are on the market to buy together or in two separate lots.