Clarion Hotel sells for €35m

Business, Finance | Tue 13 Oct | Author – Business & Finance
Clarion Cork Diarmaid Ronan

Joint agents Savills and JLL have announced that Clarion Hotel, Lapp’s Quay, Cork has been sold to Dalata Hotel Group for a record breaking price of over €35m.

The sale of the Clarion Hotel comprises an investment sale only and it will continue to be operated by Choice Hotels Ireland under the Clarion brand.

The four-star, 191-room hotel is located in the central business district in Ireland’s second largest city and was first opened in 2005.

Tom Barrett, head of Hotels and Leisure, Savills, stated: “With high-quality conference and leisure facilities and a prime Cork CBD location, the investment sale of the Clarion Hotel Cork attracted a strong level of both domestic and international buyer interest, resulting in highly competitive bidding and in the end a sale price well above our excess €30m guide price.”

Dan O’Connor, senior vice president, JLL, commented: “The sale of the Clarion Cork comprises the largest ever hotel sale within the Cork City market, which is testament to the underlying strength of the Cork hotel operating market and the hard work undertaken by the vendors professional team including JLL, Savills, Ronan Daly Jermyn Solicitors, Clowater Asset Management, BDO Ireland and the National Asset Management Agency.”

Photo: Diarmaid Ronan