Savills Hotels and Leisure are handling the sale of the Portlaoise Heritage Hotel which is today launched to market at a guide price of €1.5m. 

Located in Portlaoise Town Centre, this modern 4 star hotel features 110 bedrooms, 3 restaurants, 3 bars, a nightclub and extensive conference and banqueting facilities. Food and beverage opportunities are extensive with the hotels main restaurant the Fitzmaurice restaurant, Spagos Italian restaurant and the former Foundry Grill. 

According to Savills, there is potential –  with the number of bars contained in the property –  not only to further cater for the town and surrounding area, but to also complement the numerous conference and banqueting events held at the hotel. This property also benefits from an impressive leisure centre which boasts a 22 metre swimming pool and fully equipped gym. The leisure centre is well subscribed locally.

Portlaoise Train Station is a short walk from the hotel as too are all local amenities. Portlaoise itself is 94 km from Dublin and 168 km from Cork City. Dalata Hotel Group has managed the hotel since 2012 and the hotel trade is not impacted by the sale. The property is available free from this management agreement, if required. 

The hotel sector in Ireland as a whole enjoyed much improved trading conditions last year largely driven by an increase in visitor numbers and a resurgent Irish brand. Based on half year figures this growth looks set to continue throughout 2014, with regional locations to benefit from improved local demand and increased visitors from overseas. In the period from January to August 2014, compared to last year, there were 9% more visitors from the UK, 13.4% from the US and 7.4% from other areas of Europe. 

So far in Q3 2014 the high volume of hotel transactions witnessed in the first half of the year has continued at pace. The sale of a number of high profile regional hotels including Kilashee house, Hertitage Hotel Killenard and Mt Wolsley demonstrate renewed demand beyond the urban centres. 

According to Tom Barrett of Savills:

“Portlaoise Heritage Hotel presents a significant opportunity to acquire a trading hotel with huge growth potential. The quantum of property relative to the guide price creates a very interesting proposition.”