Kinlay House Hostel in the city centre has been sold. The sale of the hostel, which has been in receivership since 2009, was confirmed this week by estate agents CB Richard Ellis.
The agents did not disclose the selling price of the building, but it had been guiding at in excess of €2 million prior to the sale.
John Hughes CBRE confirmed the property was sold on the instruction of Neil Kelly BDO, receiver and manager of the hostel.
The hostel has been bought by a client of the Limerick and Dublin based corporate finance firm Focus Consulting. It is understood the purchasers, who wish to remain anonymous, have acquired the award winning hostel as a going concern and have significant plans to invest further in the hostel to build on its profile as one of the best hostel properties nationally and internationally.
Kinlay House Hostel occupies a prime corner trading location in the heart of the city overlooking Eyre Square and close to Ceannt Station. The hostel adjoins Eyre Square Shopping Centre and is within walking distance of the city’s main entertainment venues.
Kinlay House Hostel extends to a floor area of approximately 1,500sq m and can cater for in excess of 200 guests in 49 bedrooms. According to the agents it enjoys a highly lucrative all year business and benefits from additional rental income from a ground floor shop let to Lally Coach Hire Ltd.