Castletroy Park Hotel sold to Pat Mc Donagh of Supermacs

moby2101

http://www.independent.ie/business/irish/supermacs-founder-mcdonagh-buys-landmark-limerick-hotel-for-35m-3256405.html

Looks like a canny bit of business for Mr Mc Donagh...

its a fine hotel that has slipped a lot in recent years.

mitresize5

3.5 million for a 107 bedroom hotel

there are 5 bedroom houses (in an estate) on the golf links rd half a mile away that sold for 700,000K during the Celtic Tiger :-)

pappyodaniel

mitresize5 wrote: »

3.5 million for a 107 bedroom hotel

there are 5 bedroom houses (in an estate) on the golf links rd half a mile away that sold for 700,000K during the Celtic Tiger :-)

That's nothing, this hotel up in Rossnowlagh makes it look like Pat made a bad investment.

M three

pappyodaniel wrote: »

That's nothing, this hotel up in Rossnowlagh makes it look like Pat made a bad investment.

Dont think so. Location location and all that!

Berty

The Castletroy Park Hotel when it was originally sold back in the day was a heck of a lot more money. The Carlton got it during Admin/Receivership and got a good deal but recently you keep seeing them pop up on Groupon or similar websites with room for €49 B*B so you know something was up.

Pat McDonagh is a good businessman and a nice guy so hopefully he will make a good go of it. If I was a staff member I would be content he took it over as he has a good history and financial standing to make it work.

Roadend

The mighty mac suite
The smokey bacon suite
The supermac suite

I can see it now

justbmad

mitresize5 wrote: »

3.5 million for a 107 bedroom hotel

there are 5 bedroom houses (in an estate) on the golf links rd half a mile away that sold for 700,000K during the Celtic Tiger :-)

Some of those houses were a cool million, and they dont have to pay the household charge, because some little bit of one of them was left unfinished.............

Kess73

Potentially a very savvy bit of business by the man. He has bought it for pretty close to it's rock bottom price imho, and his track record over the years suggests that he will have it worth far more than the purchase price in a number of years.