herald

Monday 11 December 2017

Bill Cullen's Killarney hotel on sale for €6.5m

Bill Cullen's Kerry hotel has been put up for sale for €6.5m.

The prestigious Muckross Park Hotel and Spa in Killarney will go under the hammer in a bid to pay off some of the debts accumulated by the former Renault dealer.

Along with partner Jackie Lavin, the ex-Apprentice star invested approximately €10m into the venue - which he once considered his pride and joy - over the years, according to accounts filed in August 2012.

The hotel went into receivership some 18 months ago with ACC Bank saying it was owed €9.2m and is now running at a profit.

The High Court previously heard how Cullen and his partner were left shocked by what they say was the "aggressive actions" of ACC which moved against the Kerry hotel without warning.

The venue showed a profit of about €100,000 in the year running up to the receiver being appointed in March 2013.

Since taking control of it, the receiver has increased profits to more than €5m and the trading surplus to about €200,000.

Given its prime location beside Killarney National Park, the property is expected to be massively in demand among investors.

OWNERS

The hotel site is the oldest in Killarney, dating back to 1795 and has been extensively refurbished over the years, meaning the new owners would have little work to do on it.

Boasting 68 bedrooms and 12 self-catering apartments, the hotel has won a string of awards over the years including one for Best Spa and Best Gastro Pub in Munster.

It was also named the Munster Wedding Venue of the Year in 2012 thanks to its scenic location and ability to comfortably cater for 250 people.

As well as its traditional Irish pub, Monks Bar and its Yew Tree restaurant, it also has a top-of-the-range spa and leisure centre.

mfinn@herald.ie

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