Hotels going bust.

mr_anderson · **Posted:** Fri Jun 22, 2012 1:45 am

Quote:

Despite the work undertaken by the Authority in 2010/2011, it is claimed the Authority was not forthcoming on the range of costs it took into account when assessing the profitability of hotels, and suspicions seem to have lingered that some costs were excluded from the Authority’s analysis. Two such costs include local authority business rates and payments to banks for loans which may be for working capital or for building programmes like extensions or for capital purchases.

That's the crux of the problem that is NAMA.

Hotels that made bad mistakes are being kept alive via NAMA at the cost of hotels that didn't make mistakes.

Good business people will be put out of business as a direct consequence of NAMA's moral hazard influence.

Similar occurances happen in residential, such as AIB not dealing with their 31.7% arrears in BTLs in a manner akin to any normal bankrupcy scenario.

We will all end up paying far more because of NAMA than any final figure will suggest.

theschmuck · **Joined:** May 30, 2008 **Posts:** 401

Word from inside the industry is that the convention centre has almost single-handedly transformed many city centre hotels from 'just about ticking over' to profitability. Dublin was always about the weekend visitors, with a large amount of rooms empty Sunday to Thursday, but these conventions usually take place midweek, taking up the slack. 1,000 atendees will need 1,000 rooms as opposed to tourists who will share as couples or friends etc. They also aren't particularly price-sensitive about the rates because the trip is covered by expenses and the type of organisations involved (semi-state, medical, voluntary etc) aren't too bothered about their costs either. It's almost hard to believe, but there may actually be a shortage of centrally located 4 star rooms.

http://www.theccd.ie/upcoming-events

Duisigh · **Joined:** May 28, 2008 **Posts:** 2676

CCD is a kip. Designed by a dribbling idiot; Leaving aside the frankly take-it-or-leave-it outside ( I like the coke-can look ) the inside design sucks balls.

Toilets are designed for a convention size of 5% of the place, any soccer stadium could have told them how many to put in
rooms are all over the place and hard to get to, and again ( unforgivable in a convention centre ) anybody not attending a talk in a room will probably want to sit down and chat to colleagues ( weill it is a fucking convention, isn't it ? ) There are very few places to do this so you see people who've paid a grand or whatever sitting down against the wall when in any known hotel they'd have been in the lobby or the bar

It's a measure of the crap design that a flunky intercepts you as soon as you go in the main door to stop you getting lost

germanfred · **Joined:** Mar 10, 2012 **Posts:** 232

Duisigh wrote:

CCD is a kip. Designed by a dribbling idiot; Leaving aside the frankly take-it-or-leave-it outside ( I like the coke-can look ) the inside design sucks balls.

Toilets are designed for a convention size of 5% of the place, any soccer stadium could have told them how many to put in
rooms are all over the place and hard to get to, and again ( unforgivable in a convention centre ) anybody not attending a talk in a room will probably want to sit down and chat to colleagues ( weill it is a fucking convention, isn't it ? ) There are very few places to do this so you see people who've paid a grand or whatever sitting down against the wall when in any known hotel they'd have been in the lobby or the bar

It's a measure of the crap design that a flunky intercepts you as soon as you go in the main door to stop you getting lost

Seriously is this true? I haven't been, skipped one i was supposed to be at, (got pissed in kehoe's instead)

YellowRedGreen · **Joined:** Jan 13, 2009 **Posts:** 176

germanfred wrote:

Duisigh wrote:

CCD is a kip. Designed by a dribbling idiot; Leaving aside the frankly take-it-or-leave-it outside ( I like the coke-can look ) the inside design sucks balls.

Toilets are designed for a convention size of 5% of the place, any soccer stadium could have told them how many to put in
rooms are all over the place and hard to get to, and again ( unforgivable in a convention centre ) anybody not attending a talk in a room will probably want to sit down and chat to colleagues ( weill it is a fucking convention, isn't it ? ) There are very few places to do this so you see people who've paid a grand or whatever sitting down against the wall when in any known hotel they'd have been in the lobby or the bar

It's a measure of the crap design that a flunky intercepts you as soon as you go in the main door to stop you getting lost

Seriously is this true? I haven't been, skipped one i was supposed to be at, (got pissed in kehoe's instead)

Sadly I attend a lot of these places in my job. By and large I would agree with the comments made. Place seemed visually large but quite small scale in comparison to most international venues on the inside. Perhaps we do need some aircraft hangar size spots in Athlone after all..

2Pack · **Joined:** May 3, 2007 **Posts:** 10511

germanfred wrote:

Seriously is this true? I haven't been, skipped one i was supposed to be at, (got pissed in kehoe's instead)

I was invited there and didn't go in the end...it was minging with rain that day and it is too far down the quays.

BlameGame · **Joined:** Jun 21, 2010 **Posts:** 2933

Duisigh wrote:

CCD is a kip. Designed by a dribbling idiot; Leaving aside the frankly take-it-or-leave-it outside ( I like the coke-can look ) the inside design sucks balls.

Toilets are designed for a convention size of 5% of the place, any soccer stadium could have told them how many to put in
rooms are all over the place and hard to get to, and again ( unforgivable in a convention centre ) anybody not attending a talk in a room will probably want to sit down and chat to colleagues ( weill it is a fucking convention, isn't it ? ) There are very few places to do this so you see people who've paid a grand or whatever sitting down against the wall when in any known hotel they'd have been in the lobby or the bar

It's a measure of the crap design that a flunky intercepts you as soon as you go in the main door to stop you getting lost

I have no experience of similar events, but now that you say it this is 100% true!

Also its noisy and built in a wind tunnel.

onlyone · **Posted:** Mon Jul 23, 2012 8:24 pm

Another design disaster of the Celtic Tiger has to be Terminal 2 at Dublin airport. I think its bizarre.

Anyway back on topic é25.5m on a guesthouse!

http://www.independent.ie/business/iris ... 78843.html

What the f*** was going on? I am staggered by this.

evilal · **Posted:** Mon Jul 23, 2012 11:28 pm

onlyone wrote:

Another design disaster of the Celtic Tiger has to be Terminal 2 at Dublin airport. I think its bizarre.

Anyway back on topic é25.5m on a guesthouse!

http://www.independent.ie/business/iris ... 78843.html

What the f*** was going on? I am staggered by this.

I'm no banker but... At €150/night, 90% occupancy and 18 rooms, it would take 29 years to make that in REVENUE. Never mind overheads etc.

onlyone · **Posted:** Tue Jul 24, 2012 12:53 am

evilal wrote:

onlyone wrote:

Another design disaster of the Celtic Tiger has to be Terminal 2 at Dublin airport. I think its bizarre.

Anyway back on topic é25.5m on a guesthouse!

http://www.independent.ie/business/iris ... 78843.html

What the f*** was going on? I am staggered by this.

I'm no banker but... At €150/night, 90% occupancy and 18 rooms, it would take 29 years to make that in REVENUE. Never mind overheads etc.

Neither where the bankers, bankers, they where barkers. Think there where other assets put up, but still....... 23.5m!!!

ps200306 · **Joined:** Apr 1, 2010 **Posts:** 3745

evilal wrote:

onlyone wrote:

Another design disaster of the Celtic Tiger has to be Terminal 2 at Dublin airport. I think its bizarre.

Anyway back on topic é25.5m on a guesthouse!

http://www.independent.ie/business/iris ... 78843.html

What the f*** was going on? I am staggered by this.

I'm no banker but... At €150/night, 90% occupancy and 18 rooms, it would take 29 years to make that in REVENUE. Never mind overheads etc.

That entire amount would also cover less than 80% of the loan repayments on 25m at 2% over 30 years. Had the bank taken leave of its senses?

mr_anderson · **Posted:** Wed Sep 05, 2012 10:53 am

Parknasilla hotel and resort for €10 million

Then and now ...

Quote:

The four-star resort was bought for almost €40 million and was subsequently enlarged and upgraded at a cost of well over €10 million. Estate agent Tom Barrett of Savills is now quoting a guide price of €10 million for the Sneem hotel which is located along the famous Ring of Kerry.

http://www.irishtimes.com/newspaper/commercialproperty/2012/0905/1224323608468.html?via=mr

evilal · **Posted:** Wed Sep 05, 2012 10:58 am

I believe it needs a fair bit of investment too. Twas a fabulous property back when Aer Rianta owned it.

BillyWhelan · **Posted:** Wed Sep 05, 2012 11:04 am

Parknasilla featured in yesterday's examiner.
http://www.irishexaminer.com/ireland/detrimental-effect-of-staying-afloat-206297.html

Quote:

An array of hotels are functioning and competing at the behest of banks or Nama, distorting the market and posing a threat to the tourism industry, writes Michael Clifford
In a sector where there will be more casualties, those existing within the protectorate of Nama and the banks have a distinct advantage
THE offer looked too good to be true. See the Ring of Kerry in style. Hop aboard a bus in Dublin — or at an appointed stop — and scoot down to the Kingdom, feast on the scenery and hospitality, and enjoy three nights at the fabled Parknasilla Hotel. Three dinners were thrown into the deal and all for an unbeatable €439 per person sharing. You could live a lifetime and not get a second chance like that......
but the reality is that Parknasilla isn’t competing on a level playing pitch with the array of hotels that dot the Ring of Kerry. For, as far as can be told, it is the only establishment on the Ring which is effectively controlled by a bank.

Stifster · **Joined:** Oct 4, 2008 **Posts:** 935

evilal wrote:

I believe it needs a fair bit of investment too. Twas a fabulous property back when Aer Rianta owned it.

It was a lovely place, once you got over the half day it took to get down.... ahh the pre-motorway anywhere days....

Hotels going bust.

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