The Kingsley Hotel and Leisure Centre in Cork, Ireland, has been sold to a Chinese hotelier family for an undisclosed price. International real estate advisor Savills handled the sale to the Kang family on behalf of receiver Deloitte. This represents the second major acquisition by the Kang family who also purchased the Fota Island Resort in Cork from NAMA in August 2013.
The Kingsley Hotel operated to a five star standard prior to closing in November 2009 as a result of flooding which also affected much of the western side of Cork City. It was regarded as one of the finest five star hotels in Ireland prior to its closure. The asset comprises 131 bedrooms, 19 apartment suites in a separate building to the hotel, two bars, a restaurant and an extensive leisure center with a gym and both indoor and outdoor swimming pools, as well as a high specification spa. The property was released to the market in April 2013 at a guide price of €6 million.
Tom Barrett, head of the hotels & leisure team at Savills in Ireland, says: “The sale attracted very strong interest both domestically and internationally which is a major vote of confidence in the Cork economy and hotel market. The market is now in its third year of positive growth.”
The Kang family were advised in the acquisition by O’Connor Pyne Accountants who confirmed that their client will re-open the property as a hotel and will carry out a substantial refurbishment in order to bring the asset to a class leading standard. Once re-opened the property is expected to create over 100 jobs.