Having owned and operated Killarney’s International Hotel for nearly 50 years, the Coyne family has engaged agent CBRE to find a buyer for the Kerry landmark.
The hotel, which was acquired by well-known auctioneer, the late Sean Coyne, in 1976, is being offered to the market with a guide price in the region of €18 million to €20 million.
The sale of the International is expected to attract significant interest from existing hotel operators and from investors as it is over a decade since a major Killarney hotel last came to the market. In 2014, the 172-bedroom Malton Hotel was sold by Nama to the owner of Cork’s five-star Hayfield Manor, Joe Scally, for over €15 million, or an average of €87,209 per key.
The recovery in the wider economy and more specifically in the tourism sector since then is reflected in the price per key expected to be paid for the 98-bedroom International Hotel. Should a sale proceed at the guide of €18 million to €20 million, the price per key would come in between €183,673 and €204,081, which is over twice that achieved by the Malton in 2014.
The International Hotel is one of Ireland’s oldest and best-known hotels. The four-star property has benefitted from substantial investment under the Coyne family’s ownership and is recognised for its consistently strong trading performance, with year-round occupancy at a high level.
Quite apart from its accommodation, the hotel features Hannigan’s Bar and Restaurant, one of the most popular dining venues in Killarney, along with a range of event and lounge spaces.
Located at the centre of the town of Killarney, the International is well placed to benefit from the annual influx of domestic and international visitors who come to visit world-renowned attractions that include Killarney National Park, the Ring of Kerry and the Wild Atlantic Way.
The hotel is being offered to the market with a guide price in the region of €18 million to €20 million
The International Hotel comes for sale free of branding ties, giving its new owners the option of continuing with its established independent identity or to pursue a repositioning strategy.
Commenting on her family’s decision to sell, the hotel’s managing director, Tracy Coyne, said: “For 50 years we have considered ourselves caretakers of this magnificent hotel. Our curatorship is now coming to a close and the time has come to pass the mantle to new owners who will continue to protect its heritage while driving its success into the future.”
Paul Collins, head of CBRE’s Irish hotel division added: “The International combines scale, prime location and trading strength, in a destination where hotel sales of this calibre are exceptionally scarce. The International combines the attributes that investors are looking for and we expect strong interest from both domestic and international buyers.”