NAMA to put city centre hotel and bar on market
NAMA is to put a popular city centre hotel and late bar up for sale later this month.
Meanwhile, the Spanish Arch Hotel on Quay Street is operating under new management last week, following the expiration of a lease.
The 20-bed hotel was one of the assets of property developer Mike Finn, which was seized by the National Asset Management Agency last December.
While previously owned by Mr Finn, it had been managed under a five-year lease by Matt Hall of HSA Hospitality, which expired on the last day of August.
A new lease has since been signed between the receivers – operating on behalf of NAMA – and a company called GN Asset Management which is owned by David Byrne from Kerry; David Collins from Clare and James Sullivan from Cork.
The hotel is now being run by Frank Corby, who formerly managed the Raheen Woods Hotel in Athenry. However, this newspaper has learned that the hotel will be placed on the market under a ‘highest bidder’ private tender system within the next fortnight.
Outgoing manager Matt Hall – who held the lease with business partner Geoff Nordell – told the Sentinel: “My company had the lease for five years to August 31, and we decided not to renew it.
“The hotel was closed [last] Monday for four hours for the handover; making sure the bookings and paperwork are okay, and I will be assisting the new management for the next few days. All 40-odd staff were offered their positions back under the new management,” he said.
Mr Hall – who previously worked as Operations Manager with the landmark Burlington Hotel in Dublin – said the business was trading very successfully.
He is widely expected to be one of the bidders for the hotel when it comes up for sale later this month.