Luxury Irish hotel put on market for half of price from sale five years ago
November 2, 2012, 12:39 am TWN
DUBLIN -- A luxury Irish hotel made famous in the classic John Wayne movie "The Quiet Man" went on sale on Wednesday for half the price paid for it five years ago.
Ashford Castle, a five-star hotel on 365 acres (148 hectares) of land on the west coast, is on the market for 25 million euros (US$32.46 million) — 25 million euros less than property developer Gerry Barrett paid for it in 2007.
The Irish hotel sector — which expanded heavily during the "Celtic Tiger" boom years — was badly affected by the downturn in the Irish and global economies. Property prices in Ireland have collapsed in recent years.