One of Kerry’s premier tourist hotels, Parknasilla Resort Spa, is to be offered for sale at a fraction of the price paid for it six years ago by developer Bernard McNamara.
The four-star resort was bought for almost €40 million and was subsequently enlarged and upgraded at a cost of well over €10 million. Estate agent Tom Barrett of Savills is now quoting a guide price of €10 million for the Sneem hotel which is located along the famous Ring of Kerry.
The announcement of the sale comes a week after the same receiver, Paul McCann of Grant Thornton, instructed agent CBRE to find a buyer for McNamara’s 501-bedroom Burlington Hotel in Dublin at between €65 million and €75 million, a quarter of the €288 million paid for it as a development play in 2007.
Read more in today’s Irish Times.