Hotel Waterford For Sale by Private Treaty On the Instructions of
Introduction On behalf of the receiver Tom Kavanagh, Deloitte, JLL has been appointed as exclusive selling agent for the profitable three star Viking Hotel, situated in a highly accessible location on the Cork Road in Waterford City Centre. Offered for sale with freehold title and the benefit of full vacant possession, this 98 guestroom hotel which was constructed in 2004, boasts a highly convenient location, established trading history, modern service offering and exciting upside potential. Investment Highlights Occupying a high profile position on the Cork- Waterford Road approx. 4.0km from Waterford City Centre. The property occupies a large site of approx. 0.93 hectares (2.3 acres), benefits from ample car parking facilities and potential for further development/expansion. A profitable trading business with exciting scope for further revenue growth and improvements in underlying profitability. 2
Hotel Waterford FREEHOLD TITLE & FULL VACANT POSSESSION The Regional Ireland hotel market is one of the fastest growing markets in Europe, posting an impressive RevPAR growth of +10.13% in 2015. Available with the benefit of freehold title and full vacant possession Modern purpose built three star hotel constructed in c.2004 with additional refurbishment potential. 3
A highly accessible location The Viking Hotel benefits from an excellent location on the Cork Road approx. 4.0km from Waterford City Centre, just off the Waterford by-pass. The immediate area is home to numerous corporate occupiers as well as the Waterford Institute of Technology Campus. Located just off the M9 motorway, Waterford is readily accessible to Dublin City (approx. 172km), Kilkenny (approx. 52km) and Cork (approx. 125km). Located just off the Waterford by-pass, the hotel s unique location is popular amongst guests seeking ample parking and ease of access. BELFAST DUBLIN GALWAY LIMERICK CORK WATERFORD 4
NEWTOWN RD Waterford is one of Ireland s most popular tourist destinations Hotel Waterford Waterford is at the heart of the Southeast region of Ireland. The southeast region has a population of approx. 500,000 across the five counties of Waterford, Wexford, Carlow, Kilkenny and South Tipperary. Waterford, with a population of 114,000, is approx. 177km from Dublin airport, 154km from Shannon airport and 126km from Cork Airport, making it one of the most connected areas in the Southeast. Waterford is steeped in medieval and modern Irish history with key tourist attractions including the Waterford Crystal centre, Reginalds Tower, Christ Church Cathedral, Theatre Royal Waterford and Greyfriars Municipal Art Gallery. Corporate occupiers in the area include Glaxosmithkline, Hasbro Ireland and Arkopharma SA. There is also Waterford IT, which is one of the largest third level institutes in Ireland with approx. 10,000 students and 1,000 staff. Corporate Tourism 1 Hasbro Ireland 2 Arkopharma SA. 3 Waterford Institute of Technology 4 Whitfield Clinic 1 The Quays 2 Waterford Crystal 3 Waterford Treasures Medieval Museum 4 Theatre Royal 5 Waterford Cathedral 6 Reginald s Tower 7 The Viking Triangle 8 City Square Shopping Centre R I V E R S U I R R448 DOCK RD R711 N25 1 5 7 6 8 3 4 2 PARNELL ST. ARD GLAS R I V E R S U I R MANOR ST. JOHN S HILL DUNMORE RD THE VIKING HOTEL 2 R680 1 3 R683 4 R710 R675 R708 5
Purpose Built The Viking Hotel is a modern purpose built hotel which comprises 98 guestrooms, the 100 cover Valhalla Room Restaurant, the 100 cover Asgard bar and 6 no. dedicated meeting rooms. There is also a large terrace to the front of the Asgard bar. The property is laid out over ground, first and second floor with both the F&B facilities and conferencing/meeting facilities located at ground floor level. 98 Guestrooms 100 Asgard Bar covers 100 Valhalla Restaurant covers 6 Meeting Rooms 6
Hotel Waterford Valhalla Restaurant Asgard Bar 7
Generous & Profitable Accommodation The Viking Hotel comprises 98 modern en-suite guestrooms spread across the Double, Twin, Triple, Family and Executive Room categories. The rooms are all of good proportions and rooms accommodation is broken down as follows: Room Type Number of Rooms Executive Double 10 Standard Double 48 Double-Single 21 Triple 12 Twin 2 Family (Type 1-2 adult & 2 kids camp beds) 3 Family (Type 2-2 adult & 3 kids camp beds) 2 Total 98 8
9 Hotel Waterford
Popular Meeting Facilities With significant passing traffic, The Viking Hotel benefits from popular and accessible ground floor meeting space. The hotel s proximity to numerous corporate occupiers and ample car parking facilities make it an attractive location for corporate meetings and events. There are 6 permanent meeting rooms at the Viking with a number of other guestrooms interchangeable from guestroom to meeting room use. Meeting Room Capacities Meeting Room Capacity Mount Congreve 30 Nore 40 Barrow 60 Suir 120 Blackwater 7 Carriganore 5 Total 262 10
Future Potential The Viking offers a prospective purchaser an opportunity to acquire and actively asset manage a modern purpose built hotel which holds considerable revenue generating, cost saving, refurbishment and expansionary potential. Hotel Waterford Failte Ireland s latest tourism initiative, Ireland s Ancient East, is aimed at mirroring the success of the Wild Atlantic Way for the Eastern Seaboard. Waterford is well positioned to benefit from this and the Viking has an opportunity to gain a share of this business through an appropriate marketing campaign and initiatives. Refurbishment of guestrooms The hotel s spacious guestrooms present a buyer with an opportunity to undertake a targeted refurbishment which will improve Occupancy and ADR. Major F&B potential The F&B outlets at the Viking already capture strong passing trade and with recent improvements to personnel, the potential for growth in F&B revenue going forward is significant. Offering over 200 covers across two large outlets, F&B revenue at the Viking accounts for approx. two thirds of the revenue mix and it is a highly popular location for day meetings. Popular Meeting Spaces The popularity of meeting rooms highlights the Viking s midweek corporate positioning. There is scope for further growth in MICE spend and potential for further conversion of additional bedrooms into meeting space. 11
Contact Styne House, Upper Hatch Street, Dublin 2. T: +353 1 6731600 F: +353 1 6795147 PRSA 002273 Daniel O Connor Senior Vice President, Hotels T: +353 1 673 1609 E: daniel.oconnor@eu.jll.com James Wood Analyst, Hotels T: +353 1 673 1681 E: james.wood@eu.jll.com No. 800442378 Calculated annual CO2 emissions: 519.42 kwh/m²/yr 1.07 DISCLAIMER These particulars were prepared in 2016. Jones Lang LaSalle (JLL), for themselves and for the vendors of the property, whose agents they are, give notice that (i) the particulars are set out as a general outline only for the guidance of intending purchasers and constitute neither the whole nor any part of an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact but should satisfy themselves by searches, enquiries, surveys and inspections or otherwise as to the correctness of each of them; (iii) no person in the employment of Jones Lang LaSalle has authority to make or give any representation or warranty whatever in relation to the property. Brochure design by