Business

Slieve Russell set to go on the market in early 2024 with £26m price tag

The Slieve Russell Hotel is expected to be offered up for sale in early 2024, with a price tag of around €30 million (£26m).
The Slieve Russell Hotel is expected to be offered up for sale in early 2024, with a price tag of around €30 million (£26m). The Slieve Russell Hotel is expected to be offered up for sale in early 2024, with a price tag of around €30 million (£26m).

The Slieve Russell Hotel in Co Cavan is expected to be placed on the market early next year, with a price tag in the region of €30 million (£26m), according to reports.

The four-star golf resort in Ballyconnell, once formed the showpiece of Sean Quinn’s business empire in the Fermanagh and Cavan border region.

It has been under control of the Irish Bank Resolution Corporation (IBRC) since 2011.

According to The Irish Times, the liquidators of IBRC, Kieran Wallace and Eamonn Richardson of Interpath Advisory, are preparing the asset for sale.

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The paper reports the liquidators invited pitches in recent weeks from a number of commercial property agents, with a view to offering the hotel for sale in early 2024.

The 224-bedroom hotel includes a spa and leisure centre, set on 300 acres, which comprises an 18-hole championship golf course and a nine-hole academy course.

While it has been under control of the receivers for more than a decade, the Slieve Russell continues to trade successfully, recording a pre-tax profit of around €5m (£4.4m) last year, double the previous year.

The sale of the hotel has been mooted for a number of years as part of the efforts to address the €66m Slieve Russell Hotel Ltd owes the IBRC.

There is also a shareholders’ deficit of €41.7m.

The IBRC has already sold a number of former assets that belonged to members of the Quinn family, including Buswells Hotel, the 128-room Holiday Inn in Nottingham and a number of pubs in Dublin.