Business
€2m city hotel on the market
Auctioneers are expecting strong interest in the Hotel Clybaun in Knocknacarra, which has come on the market with a price tag of €2 million.
The 92-bed hotel, which includes a leisure centre with 18 metre swimming pool (NRG Fitness’ lease is not affected), is being sold by Ulster Bank.
It has been run by Tifco, a specialist management company, since it was placed in receivership in 2011 by Ulster Bank after an umbrella company operated by former owner Chris Crehan racked up debts of almost €90 million.
Selling agent Dermot Curtin of CBRE Hotels told Tribune Property: “It’s a profitable business, there’s a lot of cash going through there, even in receivership. It’s pretty much newly-built, so nothing is going to go wrong with the building any time soon.
“It is a business made for a husband-and-wife team or a young successful General Manager who may have an investor behind him or her. It’s all about price and value.
“In recent years, no Galway city hotels have been offered to the market and the sale of the Hotel Clybaun now provides potential purchasers with quite a unique opportunity to acquire a modern, full service hotel in the city and, by doing so, establish a sizeable foothold in the much sought after and extremely lucrative, Galway hotel market.
“This profitable, three star hotel boasts 92 spacious bedrooms and suites, excellent bar, restaurant, conference, function and wedding facilities together with an extensive and popular leisure centre, spa and health club – which is operated by NRG. The facilities include an 18 metre pool, fully-equipped gym, weights room, aerobics, spinning, spa treatment rooms and an outdoor Canadian hot tub.
“According to Trending.ie – which monitors the important key performance indicators for the hotel industry nationwide – the Galway hotel market is in growth mode, with both occupancy and average room rate up on last year,” said Mr Curtin.
The hotel – originally called the Clybaun Hotel – opened in March 2002.
For further information, contact CBRE on 01 6185500.
The new President of Local Ireland, the association representing local news publishers around the country, is Head of Irish Times Regionals Dan Linehan.
Mr Linehan takes over the presidency from Declan McGuire of the Connacht Tribune. His appointment was confirmed at the recent Annual General Meeting of Local Ireland at Bloomfield House Hotel near Mullingar, Westmeath.
Mr Linehan, who has served as Vice President of the organisation for the last two years, said: “The coming years are a very important time for local publishers with many important issues to be addressed, including the implementation of the Future of Media Commission recommendations, defamation reform, the role and support for local publishers in public service reporting and helping publishers develop commercial digital offerings.”
Speaking at the AGM, Mr McGuire acknowledged the work done by the Executive in the past two years under the direction of Executive Director, Bob Hughes, on several projects related to the publishing industry but most especially the successful conclusion of the long-running campaign for the abolition of VAT on newspapers.
He also wished Mr Linehan the very best in his new role as President of the association for the next two years.
Mr Hughes thanked Mr McGuire for his leadership and support during his term of office and said he looked forward to working with Mr Linehan on the key policy priorities for the association, including Government supports, Government advertising, fair remuneration for content from the tech platforms and the reform of the legislation for defamation.
Local Ireland members also elected Seán Mahon, Managing Director of the Southern Star, as Vice President for the next two years.
The shortage of affordable housing is the single biggest impediment in attracting and retaining workers in the West, according to business group Ibec.
At a ‘Regional Insights Series’ meeting in the Galmont Hotel in Galway last week, employers were told that capacity constraints and labour supply are the key challenges facing business growth in the region.
Ibec Head of Regional Policy Helen Leahy said: “There must be greater focus by government on enhancing quality of life issues such as housing and infrastructure which are driving labour shortages in the region.
“Ibec’s vision for the West is to realise its potential to become a globally competitive location. An inadequate supply of affordable housing is now the single largest impediment to attracting and retaining talented workers, without whom business investment and expansions are not possible.
“Labour shortages are a real concern for businesses in the region. People decide where to live and work based on quality of life and access to high quality services and amenities. Industry tends to follow talent, and in this regard, the region needs to have all the building blocks in place as the attraction and retention of world-class talent becomes increasingly competitive on a global level,” said Ms Leahy.
Amongst Ibec’s priorities for the West are:
- Addressing housing and infrastructure challenges
- Transitioning towards a new growth model with Net Zero energy powered by Atlantic offshore wind resources
- Adapting businesses to the new economic realities
- Enhancing capacity and skillsets to achieve sustainable development objectives
- Investment in people and skills
- Creating competitive advantage through digitalisation
- Innovation as a key driver of productivity growth
One in five Galway businesses want to go fully cashless, as the move towards card payments and tapping continues unabated post-Covid.
In all, 22% of Galway businesses would like to be fully cashless, according to a survey carried out by BOI Payment Acceptance (BOIPA), a provider of payment technology solutions, which asked Irish businesses about the current payment landscape as well as business confidence and concerns.
Over one-third (36%) of Galway businesses were unaware there is no contactless limit on mobile wallets – just below the national average – while 54% believe the increase in card over cash transactions has helped them run their business.
Six out of ten Galway businesses expect to grow this year despite the cost-of-living crisis and running costs dominating as key concerns; 62% believe their business will grow over the next twelve months despite global economic uncertainty.
Unsurprisingly cost-of-living increases and running costs were the main concerns the majority of businesses had.
For more, read this week’s Connacht Tribune.
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