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€2m city hotel on the market

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The Hotel Clybaun in Knocknacarra, Galway.

Auctioneers are expecting strong interest in the Hotel Clybaun in Knocknacarra, which has come on the market with a price tag of €2 million.

The 92-bed hotel, which includes a leisure centre with 18 metre swimming pool (NRG Fitness’ lease is not affected), is being sold by Ulster Bank.

It has been run by Tifco, a specialist management company, since it was placed in receivership in 2011 by Ulster Bank after an umbrella company operated by former owner Chris Crehan racked up debts of almost €90 million.

Selling agent Dermot Curtin of CBRE Hotels told Tribune Property: “It’s a profitable business, there’s a lot of cash going through there, even in receivership. It’s pretty much newly-built, so nothing is going to go wrong with the building any time soon.

“It is a business made for a husband-and-wife team or a young successful General Manager who may have an investor behind him or her. It’s all about price and value.

“In recent years, no Galway city hotels have been offered to the market and the sale of the Hotel Clybaun now provides potential purchasers with quite a unique opportunity to acquire a modern, full service hotel in the city and, by doing so, establish a sizeable foothold in the much sought after and extremely lucrative, Galway hotel market.

“This profitable, three star hotel boasts 92 spacious bedrooms and suites, excellent bar, restaurant, conference, function and wedding facilities together with an extensive and popular leisure centre, spa and health club – which is operated by NRG. The facilities include an 18 metre pool, fully-equipped gym, weights room, aerobics, spinning, spa treatment rooms and an outdoor Canadian hot tub.

“According to Trending.ie – which monitors the important key performance indicators for the hotel industry nationwide – the Galway hotel market is in growth mode, with both occupancy and average room rate up on last year,” said Mr Curtin.

The hotel – originally called the Clybaun Hotel – opened in March 2002.

For further information, contact CBRE on 01 6185500.

 

Connacht Tribune

Galway start-up’s €3m investment

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Investment...Orreco CEO Dr. Brian Moore.

Galway-headquartered sports performance and data science company Orreco will scale its operations in Ireland, the United States and UK following a €3 million investment round led by Silicon Valley-based venture firm True Ventures.

The new investment will enable the Galway company to expand its product, engineering, data science and commercial teams, in addition to accelerating the development of its elite performance solutions, @thlete and FitrWoman.

Up to 30 new hires will be made across the company’s offices in Ireland, the UK, and the U.S., specifically Galway and Los Angeles where Orreco operates a performance centre. The company currently employs 30 people.

Its performance centres provide sports science and data solutions for professional sports teams and athletes including the US basketball NBA sides the Dallas Mavericks and Atlanta Hawks, NBA Champion and All-Star Pascal Siakam, English Premier League side Newcastle United and WSL club Chelsea FC Women, USA Swimming, and the Wasserman Sports Agency (Los Angeles).

Top golfers Padraig Harrington and Graeme McDowell became investors after experiencing the benefits of Orreco’s services first-hand.

For more, read this week’s Connacht Tribune.

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Connacht Tribune

State aiming to make remote work a reality

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Minister Hildegarde Naughton

Galway is expected to benefit from ‘significant investment’ in the development of remote working hubs later this year – as part of the Government’s new National Remote Working Strategy.

Legislation will be introduced by the end of September entitling employees to request remote working arrangements. And while there will be no automatic entitlement, employers will be required to explain why such arrangements are impossible.

If an employee is unhappy with the explanation, they can take a case to the Workplace Relations Commission for adjudication on the matter.

A total of €5 million has been allocated under Budget 2021 for the development of a national hubs network, while the Western Development Commission (WDC) is currently working on the development of 100 hubs in the Atlantic Economic Corridor region, which includes Galway.

Minister Hildegarde Naughton said that the strategy had the potential to transform local economies and the quality of life of thousands of employees in the west.

“The Covid-19 pandemic accelerated exponentially the move towards remote working, and we have responded to that trend by investing in broadband infrastructure and hubs in recent months,” explained the Galway West TD.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

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Three of Galway’s shining success stories reveal plans to expand in 2021

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Senator Aisling Dolan....good news.

Three of Galway’s start-up success stories have all gone into the New Year with expansion plans – creating around ten high-end jobs each in the process.

The continued expansion of these Enterprise Ireland-supported companies – based in the med-tech and new technology sectors – are a ringing endorsement of enterprise in the west, according to Galway Senator Aisling Dolan.

Palliare, a medical device company founded in 2018 as a spinout from Irish gastro-diagnostic company Crospon, has hired ten new employees in recent months.

Flexwork company, Ronspot intends to have a total of ten new employees on board by spring 2021, and has hired five people since September.

Ronspot – based in the GMIT Innovation Hub – is a technology company which enables the flexible workplace between office and home.

And Venari Medical – a spin-out from the BioInnovate Ireland fellowship programme for medical device innovation at NUIG – filled three new positions in October, with plans to recruit up to ten new employees in the coming months.

Senator Dolan described the jobs as a vote of confidence in graduates in the west.

“It shows that the dynamic MedTech research in the west has a strong ecosystem with third level underpinned by Enterprise Ireland and the seed capital investment support from the Western Development Commission,” she said.

“It is wonderful to see Irish innovation rising to the top, competing internationally and winning global export markets. Enterprise Ireland champions Irish based innovative companies and crucially supports early-stage development,” she added.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

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