Great Southern Hotels Ltd to sell seven hotels (IR)

The Board of Great Southern Hotels Limited (GSH) has approved the sale of seven of its eight hotels as going concerns. This decision has been ratified by the board of Dublin Airport Authority. The sale of the hotels is scheduled to be completed by the end of September 2006. The proceeds of the sale will be in excess of €265 million.

The Government were advised by the Hotels and Licensed department of CB Richard Ellis, Ireland.

Tenders have been accepted for all of the Great Southern Hotels other than Rosslare from three different purchasers. The Killarney, Eyre Square and Corrib hotels have been acquired by Edward Holdings Limited, a company controlled by Gerry Barrett. The three airport hotels at Dublin, Cork and Shannon have been acquired by a company controlled by Ronan McArdle, Frank McArdle, Alan McIntosh and the Walsh brothers. The Parknasilla hotel has been acquired by Spentor Limited, a company controlled by Bernard McNamara. No acceptable tender was received for the Rosslare hotel as an individual lot. GSH is confident it will achieve the successful sale of this hotel in the near future.

Source: CB Richard Ellis

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