Portmarnock Hotel & Golf Links up for €20m sale

John Divney

The Portmarnock Hotel & Golf Links on the north Dublin coast is to be formally offered for sale this week on the instructions of Nama.
Dan O’Connor of JLL, who is handling the sale on behalf of receiver Simon Coyle of Mazars, expects to secure in excess of €20 million for the 136-bedroom hotel and the adjoining golf links course which extends to 170 acres.
He said there was obvious potential to develop a substantial new clubhouse on the course as well as a driving range.
The Portmarnock hotel and grounds were bought by Capel Developments in 2005 for €70 million as part of a property play in north Dublin.
The Dublin hotel market has now recorded three consecutive years of revenue growth with the market now outperforming most UK cities except London. An increase in investor interest has led JLL to set up a new hotel division.

http://www.irishtimes.com/business/sectors/commercial-property/portmarnock-hotel-golf-links-tees-up-for-20m-sale-1.1737725



End of the cheaper rounds now one assumes, but please God anyone but the Donald.

The value of this place pre property collapse was just mental.

bustercherry

John Divney wrote: »

http://www.irishtimes.com/business/sectors/commercial-property/portmarnock-hotel-golf-links-tees-up-for-20m-sale-1.1737725



End of the cheaper rounds now one assumes, but please God anyone but the Donald.

The value of this place pre property collapse was just mental.

They actually got more expensive since they were in NAMA.

John Divney

bustercherry wrote: »

They actually got more expensive since they were in NAMA.

Did they? Only played it in the last few years, (well payed, I've bunked on many a round as a kid) Good for NAMA, for once.

The midweek rounds won't stay 45 euro one would assume though.

Just thinking about a few years ago when Clontarf members could be playing there plus 100k each in their pockets, if the Council had let them.

Golfgraffix

Green fees dropped considerably over the past 4 years.

Loire

John Divney wrote: »

please God anyone but the Donald.

Trump International Portmarnock :pac:

John Divney

Golfgraffix wrote: »

Green fees dropped considerably over the past 4 years.

Is that your gps app for The links?

Very good if so.

Golfgraffix

Yes one of our old ones, new one should be live soon.

As a member i am just hoping that the new owners allow the club to keep its licence.

J

ib_sanf

Wonder if the selling agents are getting any interest?

It's officially listed on the JLL site now, and presumably being marked globally.
Though it is only "officially" on the market recently, it has effectively been available for sale since it went into NAMA.

They do seem to have a realistic seller however - in NAMA, given recent sales of hotels and golf resorts/courses in their portfolio.

My hope would be that any new owner might maintain and look to increase the existing club by offering more competitive yearly dues.

....sure I can live in hope :-)

Golfgraffix

ib_sanf wrote: »

Wonder if the selling agents are getting any interest?

It's officially listed on the JLL site now, and presumably being marked globally.
Though it is only "officially" on the market recently, it has effectively been available for sale since it went into NAMA.

They do seem to have a realistic seller however - in NAMA, given recent sales of hotels and golf resorts/courses in their portfolio.

My hope would be that any new owner might maintain and look to increase the existing club by offering more competitive yearly dues.

....sure I can live in hope :-)

There has been a huge amount of interest, every week it seems that 2 or 3 groups were being shown around the property. I think we should know the preferred bidder by this Friday

J

ib_sanf

Good to know. I'll probably postpone joining anywhere else locally until it's future is more clear

Keano

Mr Trump?

BigChap1759

I wouldn't have thought it would be prestigious enough for Trump to buy - it's only 4 star?

quinda

Sutton Golf Club one of the interested parties looking at golf course according to rumours. Committee set up to look at it, but would be contingent on selling land on Burrow Road (Their 2nd, 6th and 7th Holes), to fund the purchase I expect.

Wonder if separating golf course and hotel is an option?

Golfgraffix

quinda wrote: »

Sutton Golf Club one of the interested parties looking at golf course according to rumours. Committee set up to look at it, but would be contingent on selling land on Burrow Road (Their 2nd, 6th and 7th Holes), to fund the purchase I expect.

Wonder if separating golf course and hotel is an option?

I am pretty sure that this is not on the cards, hotel and course are in the one sale.

J

mike12

Shame they never built the Club house over by the 5th Tee as they had planned, would be a great members course and one i would join if the membership was less than €1500PA.

ib_sanf

mike12 wrote: »

Shame they never built the Club house over by the 5th Tee as they had planned, would be a great members course and one i would join if the membership was less than €1500PA.

+1 for that.

While perhaps unlikely, it would be really ideal if the golf course and hotel were sold separately and an existing club like Sutton did buy it and made it a members club. Otherwise it will be in private hands.

Who knows, NAMA do seem to be willing sellers these days, a creative deal like that might be possible.
I came really close to joining Sutton - just couldn't get past it only being 9 holes. And 9 holes on only circa 30 acres makes it too overlapping in parts IMO, with only 1 set of tees.

They do have prime property and an active membership however - and like all clubs face challenges attracting members in the 25 to 45 bracket now and going forward. They wouldn't have that problem if they got their hands on the links!

Golfgraffix

5 day in The Links is €1500 and i think there is a reduction if you pay it all in full. Mind you i think we are now full for this year.

may make no difference if the new owners dont renew our licence.

J

John Divney

If the built it there the 5th would be the first?

That would mean finishing on the average fourth hole Par 5, compared to the great finishing holes in the sand dunes.

Golfgraffix

John Divney wrote: »

If the built it there the 5th would be the first?

That would mean finishing on the average fourth hole Par 5, compared to the great finishing holes in the sand dunes.

Planning permission for that club house experied last year and there is now a request from the locals to delay the sale due to a conflict over land rights at the car park on the links road.

Seems that the land that was given to fingal co co was inlcuded in the official site boundary listed in the sale docs.

J

John Divney

Golfgraffix wrote: »

Planning permission for that club house experied last year and there is now a request from the locals to delay the sale due to a conflict over land rights at the car park on the links road.

Seems that the land that was given to fingal co co was inlcuded in the official site boundary listed in the sale docs.

J

The actual land adjoining the car park down to the beach?

Thought that was cut and dried council land, strange that that would be included.

Do you know anything about the fencing on the Dunes not being taken down they were supposed to 20 years ago nearly?

ib_sanf

Can ya share with us if they have a preferred bidder?

I expect you can't say who it is. Would just be interested to know if the sale is progressing.

Thx
IB

Golfgraffix wrote: »

There has been a huge amount of interest, every week it seems that 2 or 3 groups were being shown around the property. I think we should know the preferred bidder by this Friday

J

Golfgraffix

ib_sanf wrote: »

Can ya share with us if they have a preferred bidder?

I expect you can't say who it is. Would just be interested to know if the sale is progressing.

Thx
IB

havent heard anything other than the romours.

J

ib_sanf

Some info re: this from the North County Leader on May 6th - I haven't posted enough to send the link - it's online if ya google it:

More Concern Expressed Over Sale Of Portmarnock Land

Local councillor, Judy Dunne (Lab), has called on the County Manager to register Legal Caution, to protect public lands at the Portmarnock Hotel and Golf Links. Portmarnock Community Association have also expressed their concern over the purposed sale of the lands, fearing that they will become privatised, if suitable action is not taken by the County Council.

Seamus Horan, PRO Portmarnock Community Association told the County Leader: “Portmarnock Community Association are deeply concerned over the inclusion of public lands in the sale by NAMA of the Portmarnock Hotel and Golf Links,” he said.

“The lands have been in public use for many years, but the arrangements for the takeover of the land by Fingal County Council have never been completed and now they are shown as part of the hotel property in the sales brochure produced by the estate agents, selling the property on behalf of NAMA, which we’re concerned about,” he continued. “These lands include a section of Golf Links Road which is the public access road to Portmarnock Golf Club, and to a very popular car park serving the Velvet Strand, and also contains a section of land that is included in the Baldoyle Bay Special Protection Area.”

“The Portmarnock Community Association are calling on all parties involved to speedily conclude arrangements for the takeover of the land by the County Council, and to ensure that these public lands do not become privatised by default,” he concluded.

Golfgraffix wrote: »

Planning permission for that club house experied last year and there is now a request from the locals to delay the sale due to a conflict over land rights at the car park on the links road.

Seems that the land that was given to fingal co co was inlcuded in the official site boundary listed in the sale docs.

J

ballyk

Bought by Kennedy Wilson for €29.8m

John Divney

So there was obviously big interest at that price. Who are they?

ballyk

John Divney wrote: »

So there was obviously big interest at that price. Who are they?

They are an American real estate investment firm who have been buying up property in Ireland, Spain and other European countries.

ib_sanf

Looks like that is official now - can't post the link, google them and you'll see the story on the LSE website.

Back in December there was a doc on RTE called who's buying Ireland. Kennedy Wilson And their chairman were featured heavily and interviewed.

Very large US company with prime properties all over the world - they manage/own over 10 Billion in assets - who saw value in a Ireland. They've bought properties like the gasworks - near Google hq and Clancey Quay in Islandbridge.

All the properties I have seen them buy have been absolutely prime - where 90% of the development is already done.

IMHO their chairman is much more of a class act than the Donald - then again business is business - who knows what they have planned.

Google that doc and you'll see what they are like.

John Divney wrote: »

So there was obviously big interest at that price. Who are they?

ib_sanf

LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC said Thursday it has entered into agreements to acquire two properties in Dublin, the Portmarnock Hotel & Golf Links and the Liffey Trust Building, in deals worth approximately EUR44.6 million.


The closed-ended investment fund that invests primarily in real estate and real estate loans in Europe said it has entered into agreements to acquire two further properties in Dublin, to be paid out of the company's cash resources.

Kennedy Wilson manages GBP8.5 billion of property assets across the US, Europe and Japan.

The Portmarnock Hotel & Golf Links deal will see Kennedy Wilson acquire the 138-room seafront hotel and Bernard Langer designed 18-hole golf links for a total of EUR29.8 million. The property and the operating business are being acquired pursuant to an asset and business purchase out of receivership from Mazars, said the company.

The acquisition is expected to complete in early July 2014. Kennedy Wilson said that upon completion, it intends to add value through both further strategic investment and capital expenditure, as well as through the appointment of a proven operator to the currently unbranded hotel.

The Liffey Trust Building deal will see the company acquire an 81 unit multi-family scheme in the Liffey Trust Building in Dublin, from a subsidiary of the Irish Bank Resolution Corporation for a cash consideration of approximately EUR14.8 million.

The deal is set to complete later this month. The asset is currently running at 95% occupancy, said the firm, and upon completion of the acquisition, it intends to enhance the tenant offering which it said should underpin rental growth over the next few years.

"The acquisition of this boutique and profitable hotel and golf course at an attractive price and a high quality income producing multi-family scheme are both very strong additions to our growing portfolio and are in-line with our stated investment strategy," said Mary Ricks, President and CEO of Kennedy Wilson Europe.

Last month the company agreed to acquire two Irish property portfolios - its first Irish acquisitions - in transactions worth more than EUR400 million; a portfolio of residential and commercial properties in a deal worth EUR88.1 million and a number of properties located across Dublin, with one in Cork, comprising seven office and six retail properties, in a deal worth EUR391.4 million.

thegolfnut

Will they pump any money into the hotel, golf course or just run it as it is?

ib_sanf

If ya want to know a bit more about Kennedy Wilson (new owners of Portmarnock Links) tune in to RTE 1 right now. They feature in a program called who's buying Ireland - was shown originally last December.

dak

Extract from JLL site .. looks like there is an agreement over the disputed parcel of land down the golf links road.

Dak




JLL Dispose of highly prized Portmarnock Hotel & Golf Links, Co Dublin

Dublin, 5th June 2014 – On behalf of the Statutory Receiver, Mr Simon Coyle of Mazars, JLL has advised on the disposal of Portmarnock Hotel & Golf Links to an affiliate of Kennedy Wilson Europe Real Estate PLC for a sale price of €29.8 million.




​The hotel, which was originally placed on the market with a guide price of €20.0 million, attracted numerous bids from both domestic and overseas investors, including drawing substantial interest from both wealthy North American and Asian capital sources.


Dan O’Connor, Vice President at JLL, who handled the sale on behalf of the Statutory Receiver, described it as a “highly competitive sales process, which underpins the strength and depth of buyer demand currently prevailing within the Irish hotel investment market”.

“We are delighted to announce the sale of Portmarnock Hotel & Golf Links, both at substantial premium to guide price and within an efficient time scale of just over two months from formal marketing launch to signing contracts. The successful sale is a testament to all of the hard work undertaken by Mazars and NAMA, who oversaw the property during its three years of receivership, our legal advisers Byrne Wallace, Mr Andrew Langwallner of Hotel Asset Management Limited and all of the management team and staff at Portmarnock Hotel & Golf Links”, commented Mr O’Connor.

“The sale is a success on many levels, with the vendor and purchaser also agreeing to transfer a parcel of land into the ownership of Fingal County Council, a move which will benefit the residents of Portmarnock - many of whom are loyal patrons of the hotel & golf business”, added Mr O’Connor.

Portmarnock Hotel & Golf Links marks the first major Irish hotel sale in 2014 for JLL’s newly established hotels & hospitality team in Dublin. The property comprises a full service four star hotel and popular 18 hole championship links golf course, designed by legendary golfer and two times Masters champion Bernard Langer. The hotel is situated just 10.0 km east of Dublin Airport and 14.0 km northeast of Dublin City Centre and it includes 136 well-appointed guestrooms rooms, the Jameson Bar, Sea View Lounge, Osborne Restaurant and extensive and recently refurbished conferencing facilities.