Cork International Airport Hotel has been sold in excess of its guide price of €4.75m by receivers Grant Thornton on behalf of Bank of Scotland.

Savills Hotels and Leisure handled the sale.

The 4 star hotel opened in July 2007 and is located at Cork International Airport, within walking distance of the airport terminal.

It has 145 luxurious bedrooms, a lounge, bar, restaurants, a sandwich bar and a bakery.

The new owner plans to retain Tifco Hotel Group as the hotel operator. Tifco have successfully managed the hotel since 2009.

''This is an important sale for the Irish hotel industry and is a vote of confidence for the Cork economy. It demonstrates that there is strong demand for good hotel properties and international investors are buying outside of Dublin,'' commented Tom Barrett of Savills.