The historic Ashford Castle in Cong goes on sale today on the international market, after being placed into receivership.

The Irish Times reports this morning that estate agents Savills are seeking offers around €25 million for the 5-star Ashford Castle Hotel, which is currently trading successfully.

Ashford Castle was bought five years ago by Galway property developer Gerry Barrett for twice the present valuation - €50 million.

Luke Charleton and David Hughes of Ernst Young were appointed as joint receivers in November 2011 by Bank of Scotland (Ireland).

It is currently run by Tifco Hotel Group, a specialist Irish-owned asset manager.

The estate agents expect that the hotel and its 365-acre grounds are likely to be bought by a group of international investors, rather than one of the big hotel chains which prefer to manage rather than own hotels.

Ashford relies heavily on the top end of the US tourist market and frequently attracts some of the highest room rates in the hotel sector - between €400 and €950 per night.

Last week it was voted the best resort in Ireland and the third best in Europe in the Condé Nast Traveller.

It regularly figures in the top 100 hotels and resorts in the world.