ACCORDING to reliable sources, Pat McDonagh, founder of the Supermac’s chain of fast food outlets, is the main contender to take over ownership of the Carlton Castletroy Park Hotel at a reported price in the region of €3.5 million. Mr McDonagh, who also has business interests in the USA, was unavailable for comment at his Galway headquarters this Wednesday. With a number of potential purchasers having made enquiries, The Limerick Post has learned that a deal is on the horizon.
Several options have been mooted. Interestingly, one is believed to include the development of a hotel management and catering college on the site.
It had been earlier indicated that Chuck Feeney’s charitable organisation, Atlantic Philanthropies, was interested in buying back the hotel originally released from their portfolio and sold in 2004 for €25million.
The hotel, which opened in 1991, is owned by CPH Investments and is a subsidiary company to Fordmount Property Group. The Fordmount Group was put in receivership in 2009 with debts of over €200million.
During the interim, Bank of Scotland holds a “first specific charge over the freehold land and premises of the company” in respect of the debt owed.
Carlton Castletroy Park manager Denis Deery, said that he was sure the future of the 107 bedroom hotel was secure and that until the full extent of the plans were revealed, both he and the staff would continue to bring the services of the hotel to it’s “valued guests”.
The Carlton Group took up the running of the hotel in 2009 after the previous operators, Castletroy Park Management, went into liquidation with debts of over €2million.