One of the county’s longest established hotels, Ostan na Rosann in Dungloe, has been purchased by Capital Securities Corporations LTD for less than a sixth of what the property was going for during the peak. The private equity firm which was established in 2005, has activities centred in five areas which are international and domestic assets, capital projects, finance business ownership and economics units. Seamus Sheerin is the managing director of the company whilst Ballyshannon native and former county player Pauric McShea is the investment director.
Developmental work has been ongoing at the three star hotel which houses panoramic views of the wild Atlantic ocean leading locals to believe that the hotel would be opening its doors for summer tourists. The ostan closed in October 2009. Formerly run by MMB Hotels Limited the business went into liquidation on November 24, 2009 when Jim Stafford of Dublin based firm Friel Stafford was appointed after it accrued debts reported to have been in €1.4 million.
The 48 bedroom hotel has been renovated in recent years and has an extensive leisure centre including indoor swimming pool, sauna, steam room, jacuzzi and fully-equipped gymnasium. The hotel not only catered for functions, dances and other events but was also traditionally the main centre for the annual Mary from Dungloe Festival.
In February, CB Richard Ellis confirmed their instructions to offer the 48 bedroom hotel for sale by private treaty. The agents have not disclosed the selling price but it is reported that they had been asking €500,000. At one stage it understood that the previous owner, Maurice McBride, had been asking €3 million for the business.
The hotel is being sold on the instructions of Mr J. Stafford, Liquidator, MMB Hotels Ltd. It is not yet understood how much was paid for the hotel or when the hotel will open.