Midland hotel acquired by expanding Só Hotel Group

Athlone Springs Hotel sold to Pat McDonagh

Dublin, 11 June 2018 – CBRE Hotels have confirmed the successful sale of Athlone Springs Hotel, Monksland, Athlone. The hotel was offered for sale on the instructions of Aengus Burns, Grant Thornton, in conjunction with owners. The hotel was acquired by Pat McDonagh who is also the well known owner of Supermac’s, Ireland’s largest fast food restaurant group which opened its first premises in the nearby town of Ballinasloe in 1978.

Athlone Springs Hotel is conveniently located off the M6 Dublin to Galway road close to the Alkermes pharmaceutical facility and major employer in the area, as well as being just 5 minutes’ drive from Athlone town centre. Purpose built and first opened for business in July 2007, Athlone Springs Hotel is a well-established and successful 68 bedroom hotel business easily accessible from all areas of Ireland. The hotel was sold as a going concern and presented a superb opportunity to acquire a profitable Irish Midlands 4 star hotel with excellent conference and banqueting facilities, leisure club with pool and gym, restaurant and bar and extensive car parking.

Athlone, geographically at the centre of Ireland, is serviced by an excellent road network via the M6 and the national motorway grid. The area offers many local tourist attractions and amenities including Athlone Castle, the Luan Gallery, Athlone Equestrian Centre, quality golf courses, the Shannon Banks Nature Trail Walk, Belvedere House & Gardens and the Kilbeggan Distillery. The Shannonside town is the regional centre for a number of state and semi-state organisations including the Department of Education, AIT, the Defence Forces, CIE, IDA and Enterprise Ireland. The town is a retail hub for the region with major retailers located in the Town Centre shopping centre.

Investment Highlights

▪ Established and profitable modern 4 star hotel conveniently located in the thriving Midlands regional centre of Athlone

▪ Purpose built (2007) hotel with 68 spacious bedrooms, restaurant and bar

▪ Extensive conference and banqueting facilities with conference suites and a modern function room with a capacity for up to 500 theatre style

▪ State of the art leisure centre - Zen Fitness & Leisure Club- with indoor pool, gym, steam room and sauna

▪ Only 5 minutes’ drive from Athlone town centre and adjacent to the headquarter of muli national pharmaceutical company Alkermes

▪ Athlone serves a large and well populated hinterland and is a thriving tourist corporate and educational centre.

John Hughes, CBRE Hotels commented: “Athlone Springs Hotel has established itself as a successful and profitable hotel business. The hotel serves a large and well populated hinterland with Athlone being a thriving tourist and commercial base and is home to the only third level college in the Midlands region, The acquisition by Pat McDonagh’s Só Hotels increases their expanding hotel portfolio to five hotels”

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.