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Great Southern Hotels sold

25 August 2006

Ireland's Great Southern Hotels (GSH) has sold seven of its eight hotels for a total sum of €265m (£180m), double the price originally expected.

With the combined number of rooms totalling 950, the sale price works out as €275,000 (£186,000) per room.

The hotel group, which is a subsidiary of Dublin Airport Authority, lost €5m (£3.4m) in turnover last year.

Paul Collins, of estate agent CB Richard Ellis who is handling the sale of all eight hotels, said: "Considering the sum the company lost last year, the price per room has been exceptionally high."

Three of the hotels, the Killarney, Eyre Square and Corrib, have sold to Galloway businessman Gerry Barrett.

Dublin property developer Bernard McNamara's company Spentor has picked up the Great Southern Hotel in Parknassilla, Co Kerry.

The three airport hotels in Dublin, Cork and Shannon have sold to a consortium of private property investors. The exact price of each hotel has not been disclosed.

Southern said no acceptable tender was received for the last hotel, the Rosslare.

Great Southern up for sale >>

Great Southern Hotels could be sold >>

By Tom Vaughan

E-mail your comments to Tom Vaughan](mailto:daniel.thomas@rbi.co.uk?subject=Great Southern Hotels sold) here

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