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€45m price tag for Druids Glen as families sell up

The five-star Druids Glen hotel and golf resort is up for sale with a guide price of €45m.

The North Wicklow resort, which has hosted four Irish Open golf championships, is owned by three Irish families – the Lappins, the Hurleys and the Flinns.

The families have owned the 349-acre resort, which has a 145-bedroom hotel, two golf courses, a spa and health club, since 1995.

Savills has been appointed as the selling agent. Tom Barrett, director of hotels and leisure at Savills Ireland, said it would appeal to domestic and international buyers.

A strong Irish tourism market will likely help the sellers fetch a strong price, as will the performance of the economy and strong passenger traffic at Dublin Airport.

The resort’s CEO Edward Stephenson said the business has “grown year on year and become one of Ireland’s key destination resorts”.

“It is an integral part of the local community and caters for over 130,000 visitors every year,” Mr Stephenson added.

“All aspects of the business have performed very well in recent years and this strong performance is reflected in 2017 revenues rising by 6pc, profits growing by 21pc and business in 2018 showing strong growth. Forecasted revpar (revenue per available room) is at €111.”

The sellers are also touting the property’s location close to the N11, which links to the M50, as an attractive selling point for tourists who want to come to Dublin.

It doesn’t have a brand or management agreement – which may make the pool of potential buyers larger.

The clubhouse at the property, known as Woodstock House, dates back to 1770 and was once used as a writing and recording base by musicians, including Mike Oldfield and Rod Stewart.

Druids Glen joins the K Club on the market – with the Kildare property that played host to the 2006 Ryder Cup having been put up for sale by Michael Smurfit.

The K Club has a guide price of €80m. Savills is also handling that sale.

A 550-acre property on the banks of the Liffey in Straffan, the K Club includes a 134-bedroom hotel.

Dr Smurfit told the ‘Sunday Business Post’ that his “advancing years” were behind the decision to sell the resort.

The original house and estate was developed in 1832 by the Barton wine family.

It boast two golf courses which have hosted the Ryder Cup, the Irish Open and the European Open.

Irish Independent

 

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