CBRE Arranges Sale Of Five-Star Lough Erne Resort
Story published at 14:20, Tuesday, October 14th, 2014
CBRE is pleased to confirm that the Lough Erne Resort, the only 5-star Golf Resort in Northern Ireland, has been sold to Lough Shore Road Ltd – a private hospitality company led by US based investor Tralee Portfolio Management.
The purchase price is confidential but is understood to be nor far from the guide price of ‘offers in the region of £10m (€12.4m)’ that was quoted when GBN.com first reported that the property was for sale.
The 345-acre property, located between the shorelines of Lough Erne and Castle Hume Lough, includes two championship golf courses – the Castle Hume and one designed by Ryder Cup record holder Nick Faldo, as well as a golf village with 66 top-quality lodges and CBRE were acting on behalf of Joint Administrators Mr John Hansen and Stuart Irwin of KPMG.
There was significant interest in the County Fermanagh Resort, which boasts world-class facilities including 120 luxurious rooms and suites divided between the classic 5 star hotel and the turret clad adjacent lodges as well as a dedicated conference and banqueting space for 400 people, five excellent food and beverage outlets and the only authentic, wholly Thai Spa in the UK and Ireland.
The Castle Hume Golf Course which was first developed in 1991 was acquired in 1999. The adjoining lands were acquired in subsequent years and work began on the Lough Erne Resort development in 2005. The Hotel and 25 Loughside Lodge were fully completed and opened for business in September 2007. The first 9 holes of the signature Faldo course were open for play in 2008 and the full course opened in late 2009. The Resort was completed in stages between 2007/2009 and the property and facilities have been extremely well maintained since and are in excellent condition throughout.
Brian Lavery, Managing Director, CBRE said, “The sale of the Lough Erne Resort offered a great opportunity to investors to acquire an internationally recognised property and we had significant interest from both domestic and international bidders. The Irish hotel market has experienced a remarkable turnaround in the last nine months with some €280 million spent on Irish hotels in the year to September and with the sale of several hotel properties and portfolios currently in negotiations and expected to close by year-end, we expect to have very busy Q4 at CBRE.”
CBRE Group, Inc. www.cbre.com
CBRE Ireland www.cbre.ie
Lough Erne Resort www.lougherneresort.com