Deal signed on iconic Belfast venues

LCN has learned that three iconic Belfast venues – all of which were offered for sale by Nama in November last year – have been agreed for sale.

It is understood that The Botanic Inn on the Malone Road is to be acquired by The Mooney Hotel Group, which already owns the nearby Wellington Park Hotel, as well as The Dunadry Inn and the Armagh City Hotel.

Patrick Hunt, the millionaire owner of the Winemark chain, is to take on the King’s Head on the Lisburn Road.

And Madison’s Hotel on Botanic Avenue will go NI property developer, Shamus Jennings, co-owner of local regeneration firm, Cusp.

All three properties are understood to be ‘in contract’ at present and the deals are likely to complete by the end of January or in early February.

The Republic’s bad bank, Nama, took control of the trio of properties after appointing adminstrators to their Co. Clare-based landlords, Lanyon Trading and Lisk in 2011. They are currently being run by The Horatio Group, a firm established by Stephen Magorrian, the former managing director of Botanic Inns.

Mr. Magorrian himself has also just acquired another popular Belfast venue – The Northern Whig – from Nama. A large scale refurbishment is planned for the city centre bar within the next few months.

You can find full details of these details and a complete run-down on all the important property deals across the hospitality and leisure trades in Northern Ireland over the last 12 months in the Licensed & Catering News Yearbook 2016, which will be available later this month.