News

Hotel sells for just £148,000

A 48-bedroom hotel in one of the most scenic areas of Co Donegal has been sold for the price of an average semi-detached house.

The Caiseal mara hotel in moville on the Inishowen Peninsula was sold after an auction in Dublin on Tuesday for e 175,000 (£148,000).

The price is around the Northern Ireland average for a semi-detached house as set out by the University of Ulster's quarterly house price index.

Formerly known as McNamara's and before that Keaveney's, the hotel was once one of the most popular in the northwest, particularly popular for wedding receptions.

As well as the 48 bedrooms, the hotel has two function rooms, a lounge and reception, all of which were in good condition. With a full kitchen, the hotel was sold with all fittings and furniture, right down to the light bulbs.

It was also refurbished around five years ago by its then new owner, Donegal businessman Hugh McGee.

A picturesque resort town on the banks of Lough Foyle, moville is just 17 miles from Derry.

The hotel was to be auctioned by Dublin company Allsops at the RDS on Tuesday. However, it was withdrawn from sale when it failed to sell for the e 175,000 reserve.

It was sold privately later at or just below the reserve price, although the identity of the new owners was not revealed. Moville estate agent Leo McCauley said he had no part in the sale but was delighted to see new owners take over the hotel. "As a Moville businessman, this can only be good for the town. It had been missed when it was closed," he said.