One of Donegal’s most famous hotels is under new ownership and could be about to reopen after it was bought for just one sixt of its original price.
Donegaldaily.com revealed last weekend how extensive work has been carried out on the Ostan Na Rossan hotel in Dungloe in recent weeks.
The hotel, which has been closed for two years after going into liquidation, was bought by a Tullamore Investment Company.
The company is believed to have €500,000 for the 48 bedroom hotel which was valued at € million during the peak of the boom.
Capital Securities Corporation (CSC), who bough the premises, is headed by Seamus Sheerin and Ballyshannon man Pauric McShea.
Agents CB Richard Ellis have not disclosed the selling price but they had been asking €500,000 for the hotel, which is currently closed. At one stage the previous owner Maurice McBride had been asking €3 million for the business.
The hotel, with its panoramic coastal views over Donegal Bay, includes a traditional lounge bar, restaurant, function room and adjoining leisure centre.
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