Maldron Hotel Oranmore on the market for over €13m

Located on the eastern approach to Galway city, it is conveniently located for both corporate and tourist guests as it is within easy access to several businesses and 10 minutes from five business parks and two industrial estates which are located on the eastern and northern side of the city.

It is let to Caruso Limited at €900,000 a year on a lease guaranteed by one of Ireland’s major hotel chains, Dalata, and the lease has over 11 years remaining.

Selling agent Savills Ireland, acting on behalf of private investors, say the asking price for the property would represent a net initial yield of 6.3pc. With upward-only rent reviews, its next rent review is in January 2023.

Dalata Ireland operates the 113-bedroom hotel under the four-star Maldron brand. It has extensive conference facilities to take advantage of its strategic location convenient to the N17 serving travellers from Donegal to Kerry. Its six conference rooms ranging in size from 34 to 84 sqm, offer flexible space as well as modern presentation and audio equipment. The hotel site accommodates 145 car spaces.

Its appeal to families include 45 family bedrooms as well as a full leisure club and swimming pool.

The hotel opened in 1998 and has since been extended. It is situated in a highly accessible location, in proximity to both the N4, Ballybrit racecourse and public and private hospitals in Ireland’s fourth largest city.

Galway is the pharma and medtech centre for the west and enjoys strong corporate and multinational trade from Boston Scientific, Johnson & Johnson and Medtronic and others such as Fidelity Investments, Oracle, SAP, Smyths and Wayfair. Galway is a leading tourist destination with numerous annual festivals and is the largest stopping point on the Wild Atlantic Way.

Tom Barrett, head of hotels and leisure at Savills, commented: “Galway hotels trade with consistently high occupancy and strong revenue. Year round, the city attracts high-spending domestic and international tourists. The Maldron Oranmore, represents a rare opportunity to acquire one of Europe’s strongest hotel covenants.”