Strong interest in sale of Park Hotel

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The Park Hotel and Golf Couse, also known as the Carnbeg development has been put on the market for €e1.75 million.

The Park Hotel and Golf Couse, also known as the Carnbeg development has been put on the market for €e1.75 million.

The property, which is owned by Savills Hotels and Leisure and REA Gunne Property, ran into difficultly in 2010, just six years after opening opening for the first time in 2004.

The property has remained dormant for the last two years, and is currently being manned by four live in guardians.

Appointed by receiver Padraic Monaghan of KPMG, the agents are now guiding the property on the market for €e1.75m. However, they have advised that the hotel and lands could be sold separately.

The property opened in 2004 as a 3-star hotel initially trading under the Park Inn brand. The site fronts the M1 motorway and the Armagh Road and is 2kms north of Dundalk town centre.

The hotel includes 80 bedrooms and four suites, all with views of the surrounding countryside, and is set against the backdrop of the Cooley Mountains.

According to James Wrenn and Denis O’Donoghue of Savills, the ground floor facilities are extensive with a full service offering, including a bar, restaurant, function room, meeting rooms and conference facilities along with a leisure centre with a gym and a 20m swimming pool, steam room and sauna. A nightclub operated from the premises in its earlier years and the liquor licence remains in place.

The site is set on 96 acres of high quality free draining land. Eighty-two acres formerly accommodated an 18 hole par 72 golf course. According to the agents, there is potential to reopen the course, but its more immediate potential may be to revert to a farming enterprise. They said good quality agricultural land in this area is in strong demand, with parcels regularly fetching over €e10,000 per acre.

Local agent Michael Gunne said he has already had numerous enquiries for the property from local business people and expects strong interest as the asking price represents excellent value.