The owner of Killeen Castle in County Meath is inviting proposals from experienced hotel, leisure and golf investors to become strategic investment partners in the Irish resort to help complete a major refurbishment and expansion of the castle on a multi-phased development.
Commercial property firm CBRE, which is acting on behalf of Killeen Castle’s owner, Castlethorn, to find an investment partner, says that price expectations for the expansion of the estate are in the range of €25m-€30m.
Paul Collins, Executive Director, Head of Hotels Ireland at CBRE, said: “Killeen Castle is an iconic estate and presents an exceptional opportunity to invest in one of the most prestigious luxury resorts in Ireland. Its strategic location close to Dublin, state-of-the-art facilities and championship golf course offer a unique investment with significant growth potential and expansion plans.”
He added: “Golf is booming and this is best illustrated with the increase in golf participation across Europe since 2020 when numbers grew by over 32% from approximately 10.6 million to 14 million players. The R&A’s 2023 report further estimates that 21.1 million people across Europe are engaged with golf in some form, whether that be playing, watching or supporting the sport. Killeen Castle presents a unique opportunity for an investor to become a strategic partner to one of Ireland’s rare historic castles.”
Killeen Castle Resort is set on a 560-acre estate and features a historic 12th century Norman castle, 18-hole signature championship course designed by Jack Nicklaus, an extensive clubhouse spanning some 30,000 sq. ft with popular food and beverage, wedding and event business.
The estate has benefitted from significant investment in recent years, including luxury residential houses, extensive restoration work to the castle, garden and ground upgrades, six self-catering lodges with 24 bedrooms, clubhouse renovations and state of the art driving range. There is planning permission for a further 16 lodges (to provide 64 bedrooms) adjacent to the existing six lodges.
In addition to the above there is extensive planning precedent on the estate for various opportunities for future developments to align with the vision of an investor, to include previously granted permissions for a hotel with up to 250 bedrooms and a hotel village comprising 46 lodges adjacent to the hotel.
Proposed New Facilities:
- Castle to be completed to accommodate 43 bedrooms and suites
- Hunters Yard – completion of a further 16 lodges to provide an additional 64 bedrooms
- 89 residential dwellings located throughout the estate
- The expansive estate boasts numerous locations that have been identified as perfect settings for a diverse range of outdoor pursuits and activities.
Killeen Castle boasts a Jack Nicklaus Signature Golf Course, one of only two in Ireland. Constructed in 2008, the course measures over 7,700 yards from the back tees, making it one of the longest in the country. Killeen has hosted prestigious events such as the Ladies Irish Open 2010-2012 and the 2011 Solheim Cup.
The opportunity comes amid a resurgent hotel investment market, which has largely been driven by stabilising interest rates and resilient trading performance. Ireland’s hotel investment volumes have already surpassed the entire year of 2023, with over €750m in transactions so far this year.
For more details, visit www.cbre.ie or call +353 (0)1 618 5500.