Agent CBRE is guiding a price of €5 million for the well-established Sleepzone Hostel in Galway city. The sale of the business on behalf of Ronan Garvey is expected to see interest from a range of hostel operators and investors.
Located on Bóthar na mBan and within a short walk of Eyre Square, Sleepzone Galway comprises a purpose-built four-storey accommodation facility with 180 bed spaces distributed across 35 rooms, along with a reception area, a communal kitchen, and diningroom at ground-floor level.
The property, which sits adjacent to Corrib Shopping Centre car park, comes for sale in excellent condition having benefited from ongoing investment by the current owner.
Galway city has long been acknowledged as one of Ireland’s most sought-after locations for hostels as it offers an all-year-round business model supported by cultural, music and sporting festivals during the summer months and its university and college student base during the winter months.
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The city is a natural base for visitors to Connemara, the Burren and the Wild Atlantic Way.
“The sale of the Sleepzone Hostel provides a superb opportunity to acquire an established business occupying a prime trading position in the heart of Galway,” John Hughes of CBRE’s hotel division said.
“The property is in excellent decorative order and the business is highly profitable with increasing revenues.”
