Tetrarch Capital is looking forward to possibly making a significant profit from its investment in the Kilkenny-based Mount Juliet estate. The company, in conjunction with Emmet O’Neill, another owner of Mount Juliet, acquired the luxurious hotel and golf resort for €15 million in 2014 and is now offering the property for an asking price of €45 million.
On Friday evening, an announcement was made to the estate’s members by Mount Juliet’s director, Damien Gaffney, stating that JLL Ireland, a commercial real estate consultancy firm, has been chosen to navigate the market and handle the selling procedure.
Reflecting on Tetrarch’s contribution to the 125-room hotel, the Michelin-starred Lady Helen restaurant, and the Jack Nicklaus Signature Design golf course over the massive 500-acre property, Gaffney suggested that the company made a significant financial investment in the resort and was proud of the formidable enhancements that had been achieved.
He added that the recent proud moments for the current proprietors were hosting the Irish Opens consecutively in 2021 and 2022 at the Jack Nicklaus signature golf course, a promise they accomplished since acquiring the estate in 2014’s summer.
Gaffney ended his announcement by assuring all stakeholders that despite the impending sales process, all golf-related activities would proceed unchanged, and the integrity of employee positions would be maintained.
The decision to sell arises from a favourable financial situation, with the resorts’ earnings nearly doubling to €17.6 million in 2022, according to the latest available consolidated accounts. The estate’s operating company, MJBE Investments 1 Ltd, made a turnaround from a slight operating loss of €10,302 in 2021 to record an operating profit of €699,520, with the influence of the Irish Open in 2021 making a significant impact on business attraction.
The financial records indicate that at the close of 2022, bank loans amounted to €13.65 million, with an additional outstanding debt of €24.2 million attributable to a shareholder loan. Mount Juliet’s proprietors, aside from applauding their return to profitability and the hosting of the Irish Open, may also be poised to benefit from the upbeat publicity following the recent announcement of the European Central Bank’s move to host a 26-member governing council meeting at their venue in May
A representative for Mount Juliet’s owners, when queried, confirmed the appointment of JLL to evaluate the possibility of selling the property, with a suggested pricing of €45 million. The representative stated the decision sprung from several recent uninvited expressions of interest in the estate.