Speculation grows over new owner of Slieve Russell
Slieve Russell put on the market with a price tag of €35m
There are mounting reports a deal has been struck for The Slieve Russell Hotel.
In a week, which has already seen a chunk of the former Sean Quinn owned empire change hands following the sale of Mannok, an announcement on the new owner of the popular Ballyconnell hotel is expected in the not too distant future.
One name circulating widely as a potential buyer is owner of Limerick's award winning Adare Manor and one of Ireland's wealthiest business men, J.P. McManus.
Back in April the Slieve Russell Hotel Golf & Country Club was put on the market with a price tag of €35m.
Dublin based CBRE Property Agents is handling the sale on behalf of the liquidators of IBRC, Kieran Wallace and Eamonn Richardson of Interpath.
With the collapse of the Quinn empire, Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, assumed control of the Slieve Russell in April 2011.
First opened in 1990, the hotel has 224 bedrooms, as well as banqueting and leisure facilities, and is situated on 300 acres of land. It includes a PGA Championship golf course, a nine-hole par 3 course and driving range.
The property has had around €7.5m invested in it since 2019.
Ballyhaise-native Seán Gallagher, an entrepreneur and property investor, had expressed interest in buying the Slieve Russell.
Mr Quinn exclusively confirmed to this newspaper he had personally backed the bid after securing “agreement in principle” from “a number of cash-rich individuals”.
However it's understood that the bid, entered via Savills, was not accepted.
READ MORE: Sean Quinn secures investors for Slieve Russell bid
Former UFC fighter Conor McGregor was another who seemingly placed himself in the running to buy the local hotel following a post shared on social media.
A video from that time showed McGregor telling a fan he met he “was looking” after finding out the hotel was being put up for sale.
He also described Cavan as “real Ireland”.
The Slieve Russell's reported financial performance in recent years has been positive, with a pre-tax profit of around €5 million reported in 2022, double the previous 12 months.
Latest accounts for Slieve Russell Hotel Property Ltd meanwhile show revenue last year increased 16 per cent to €19.1 million.
In July, the Hilton Prague, another of Mr Quinn's former hotels was also put up for sale, with an expectation it could command offers of up to €290 million.
The sale would make it one of the most valuable hotel sales in Europe this year.
Quinn Group acquired the hotel, along with the nearby 226-room Ibis Karlin Hotel, for €145 million in 2004. The following year he snapped up the Hilton in Sofia, Bulgaria, as well as The De Vere Belfry Hotel & Resort for €270 million.
At its height, other properties in the Quinn hospitality portfolio included Buswells Hotel close to the entrance to Dáil Éireann; JW Sweetman, formerly Messers Maguire pub on Burgh Quay; The Barge on Ranelagh Bridge; and the landmark Cat & Cage pub and Quinn's, both Drumcondra.
He also previously owned the Hotel Kilmore, the Hillgrove Hotel in Monaghan, the Ardboyne Hotel in Meath, the Crowne Plaza hotel in Cambridge, and the Holiday Inn in Nottingham.
A racehorse owner and former major shareholder of Manchester United, J.P. McManus purchased Adare Manor for €30 million in 2014.
Shortly after, the resort was shut for two years to facilitate renovation throughout.
The venue is due to host the Ryder Cup in 2027.
His J.P. McManus Pro Am saw 80,000 people descend on Adare to see ten of the top eleven golfers in the world tee off, raising over €140m for charity in the process.
Celebrities like Bill Murray, Niall Horan, Jamie Dornan and Westlife also took part in the tournament.
He also has a stake in Sandy Lane, an exclusive resort in Barbados.
As part of a consortium with fellow Irish billionaires John Magnier and Dermot Desmond, Mr McManus owns shares in Barchester Healthcare, a successful nursing home group, and the Mitchells & Butlers hospitality chain.
The trio were all also investors in Ladbrokes.
Last year Mr McManus handed €1m to every county to support the development of grassroots and club GAA.
He is also a sponsor of his home county's GAA teams, as well as Munster rugby, and his Benevolent Fund continues supports local community initiatives and non-profit organisations throughout the Mid-West of Ireland.
Attempts have been made to make contact with Mr McManus for comment.
CBRE Property Agents have also been asked for a statement.