24th April 2013
By Bryan T. Smyth
A landmark former Hotel in Cork is for sale.
The five star Kingsley Hotel, on the Carrigrohane Road
has today been listed with Savills Property Agents
with a guide price of 6 million euro.
The 131 bedroom Hotel has been closed since the floods of 2009 which
damaged the ground floor but the upper levels are described as being
in “excellent condition” , and with some work the premises could re-open as a Hotel.
The property includes two bars, a 200 person function room, and 8
smaller meeting rooms.
It also includes a detached apartment block which is currently
operating as a business.
The Kingsley Hotel is located opposite Cork County Hall, which
accommodates around 650 employees.
According to Trending.ie, Cork hotels achieved Occupancy of 71% in
2012 at an Average Room Rate of €70
Occupancy of 71% exceeded the 2007 peak reported by Trending.ie of 69%.
However, room for further pricing recovery remains, as the 2007 peak was €90.
Tom Barrett from Savills Property Agents in Dublin says despite the
recession there is a market for Hotels