For sale by Private Treaty, Kingsley Hotel & Leisure Centre, Apart Hotel & Site.

On the instruction of David Carson, Receiver, Deloitte, Savills Hotels and Leisure have been appointed to sell the former 5 Star Kingsley Hotel, Cork.

The Kingsley was established in the late 1990’s and has 131 air conditioned bedrooms, a large lobby and lounge, two bars, library, function room for 200 and 8 meeting rooms. Much of the property dates from a 2005 extension, including 55 executive bedrooms (which are large at 32 sq m). There is an extensive leisure centre with gym and both indoor and outdoor swimming pools. The high specification Spa contains 12 treatment rooms and extends over 2 floors. The Mary McAleese Presidential Suite is a duplex penthouse which boasts a bar, grand piano and outdoor jacuzzi overlooking the River Lee.

The hotel traded very successfully in the five star market until November 2009. The ground floor was noted for its lavish dining and function facilities, but suffered some flood damage, which mainly impacted floor finishes. The upper floors remain in exceptional condition and it is expected that with some investment, the hotel can be successfully re-opened.

A detached 5 Star block of apartments contains 18 two bedroom units and 1 three bedroom penthouse, all with a sunny western aspect and impressive views of the Lee Fields and the River Lee. Despite the closure of the hotel, these serviced apartments currently generate significant short term rental income at approx. €24,000 per month and are averaging 75% occupancy.

The adjoining site extends to approx. 2.2 acres in total and has a lapsed planning permission for a multi-storey student accommodation complex. Due to its prime location and zoning it provides numerous future development options.

The Kingsley Hotel is about to be given a new lease of life with the launch today of a sales campaign by Savills Hotels & Leisure headed by Tom Barrett, which will attract both domestic and international buyers.

Savills successfully completed the sale of five hotels in Cork and Kerry since November 2012 including;

• The 4 Star, 182 bedroom River Lee Hotel for in the region of its €24.5 guide price
•  Parknasilla Resort and Spa, on a 485 acre estate, sold well in excess of the €10m guide price
•  The 145 bedroom, 4 star Cork International Airport Hotel transacted for well over €5m
• The 5 Star Sheen Falls Lodge Hotel in Kenmare, with 66 bedrooms, sold for €5m

Savills are confident that the Kingsley, guiding in the region of €6m, will attract very strong interest. According to Tom Barrett, “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.”

It is located opposite Cork County Hall, which accommodates around 650 employees. Local corporate business drivers include education (UCC - 20,000 staff & students and CIT),healthcare (Cork University Hospital & The Bon Secours), IT (Apple & EMC) and medical(Boston Scientific).

The proximity to city centre, affluent location, road network and superbfacilities of the Kingsley also support strong leisure and non-bedroom business.

According to Trending.ie, Cork hotels achieved Occupancy of 71% in 2012 at an AverageRoom Rate of €70, up from low points of 63% and €66. Occupancy of 71% exceeded the2007 peak reported by Trending.ie of 69%. However, room for further pricing recovery remains, as the 2007 peak was €90. Re-established, this hotel should be expected to trade at the top end of the Cork market.

The Kingsley is the best opportunity in Ireland to open a hotel.