Maldron Hotel in Galway on the Market for €13m - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 21/09/2022

Maldron Hotel in Galway on the Market for €13m

CNI Editor reports

The Maldron Hotel Oranmore in Country Galway has been placed on the market for sale as an investment for €13m. The sale is being handled by property advisor, Savills Ireland.

The hotel opened in 1998 and has since been extended. It is situated in a highly accessible location, in proximity to several business and industrial parks, Ballybrit Racecourse and public & private hospitals in Ireland’s fourth largest city.

Offered for sale subject to existing occupational lease with Caruso Limited, guaranteed by Dalata (over 11 years remaining) and operated by Dalata Ireland under the four star Maldron brand, the 113 bedroom hotel represents a rare opportunity to acquire a modern and very high quality leased hotel investment. The hotel has extensive conference facilities, a full leisure club & pool and is located 10 minutes from 5 business parks and 2 industrial estates. At €13m, the current upward only annual rent of €900k represents a net initial yield of 6.3%. Next rent review January 2023.

Galway is the pharma/medtech centre for the west and enjoys strong corporate and multinational trade from Boston Scientific, Johnson & Johnson and Medtronic and others such as Fidelity Investments, Oracle, SAP, Smyths and Wayfair. Galway is a leading tourist destination with numerous annual festivals and is the largest stopping point on the Wild Atlantic Way.

Tom BarrettHead of Hotels & Leisure, Savills commented: “Galway hotels trade with consistently high occupancy and strong ADR growth. Year-round, the city attracts high spending domestic and international tourists. The Maldron Oranmore, represents a rare opportunity to acquire one of Europe’s strongest hotel covenants”.