THE plush Muckross Park Hotel in Killarney is being offered for sale with a guide price of €6.5 million.
The five-star property, which comes with a state-of-the-art spa facility, was owned by businessman Bill Cullen and his partner Jackie Lavin until it was went into receivership 18 months ago.
Accounts filed in 2012 indicated that Mr Cullen had invested almost €10 million into the hotel but ACC Bank was owned €9.2 million when it sent in receivers.
Mr Cullen and Ms Lavin made no secret of the fury they felt when they were removed from the property, without warning, in 2013 at a time when it showed a six-figure profit.
Since that time, as a result of shrewd management, the 68-bedroom hotel has increased the turnover to more than €5 million and the trading surplus has doubled.
Property firm DTZ Sherry FitzGerald is handling the sale on behalf of the receivers, Duff & Phelps (Ireland Ltd).
It is anticipated that there will be no shortage of investors given its prime location at the edge of Killarney National Park and the high quality of the facilities.
The hotel, which dates back to 1795 and was formerly owned by the Fuller family, is the oldest in Killarney. The property has been dramatically extended and refurbished to cater for an increasing number guests.
The Muckross Park also has 12 self-catering apartments with the potential for the development of an additional six self-catering units.
The property, which also houses the landmark Molly Darcy’s traditional pub, has won numerous awards and has a very busy wedding trade.
The current general manager, Sean O’Driscoll, is acknowledged by his peers as one of the best in the business.
