Almost five months after the Heritage Golf Resort in the Co Laois village of Killenard was offered for sale, the adjoining Heritage Hotel is now also going on the market at a fraction of its original value.
John Hughes of CBRE is guiding €5.5 million for the impressive five-star hotel. which had been valued at more than €20 million during the property boom.
The 18-hole golf course on 225 acres and its 3,344sq m (36,000sq ft) clubhouse on three levels were also thought to have been worth €20 million-plus before the property bubble burst.
Instead Marcus Magnier of Colliers International is now seeking offers in excess of €2 million for the complex.
The highly ambitious and hugely expensive plan for the entire resort was devised by businessman Tom Keane, who did not skimp on anything when it came to providing world class golfing amenities.
The course itself was designed by none other than the legendary Seve Ballesteros, and along with the entertainment and hotel facilities is acknowledged at one of the best in the country. The formula worked well, and the business was thriving until the recession swept down like an avalanche.
Funding for the golf facilities came from Anglo Irish Bank (now IBRC), while finance for the hotel was provided by ACCBank, now about to be closed down by its parent Rabobank. ACC has appointed KPMG's Kieran Wallace as receiver over the hotel.
There is every reason to believe the decision to release the hotel for sale could well trigger the sale of the entire resort.
Marcus Magnier says that while he has had ongoing discussions on the sale of the golf course, a number of the parties involved had expressed an interest in the hotel as well.
Apart from its superb parkland setting overlooking the golf course, the hotel has been maintained to the highest standards since its construction in 2004. There are 98 bedrooms, including three penthouse suites and 10 junior suites.
Apart from the main diningroom – the Arlington – the hotel has extensive wedding, conference and banqueting facilities, as well as six meeting rooms and a 50-seater auditorium /cinema.
The hotel’s strategic midland location and easy accessibility has helped it remain busy. This year alone it will host over 80 weddings.
The Heritage Hotel is also noted for having one of the top five spas in the country, a superbly finished facility alongside 20 treatment rooms. There is also a health club with a gym and fitness studio, as well as a 15-metre leisure pool, jacuzzi, saunas and steam rooms. John Hughes says the five-star hotel has a number of unique selling points and facilities that will undoubtedly generate extra business.
The clubhouse on the golf course is regarded as one of the finest in the country, designed not only for the members but also in the hope of attracting corporate business.
The clubhouse has a handsome reception hall at ground floor level, with a sweeping staircase, lifts to all floors and separate bars for members and visitors. There is a full commercial kitchen to service two dining-rooms .
A year after the opening of the resort, a separate Thatch bar and bistro were also added next to the village to cater for up to 120 guests.
