Cork hotel goes on the market with a €30m price tag

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A hotel in Cork city is going on the market with a guiding price in excess of €30m.

The four star Clarion Hotel was designed by Scott Tallon-Walker and was opened in 2005.

The hotel is located on the waterfront within the City Quarter development on Lapps Quay.

It also has extensive conference and leisure facilities, with a current annual rent of €2.4m.

Property group Savills says the Cork hotel market is now outperforming comparable British cities - such as Birmingham, Bristol, Cardiff and Glasgow.

Tom Barrett, head of hotels and leisure at Savills, commented: "Cork hotels are very busy with high occupancy rates and RevPAR (revenue per available room) growing for the last 5 years."

"The Clarion represents a great opportunity to acquire the leading hotel in Cork, a market in which twelve hotels have transacted in this cycle of the property market."

The Cork hotel market has now recorded five consecutive years of revenue per available room growth, up 11% in 2014.

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