THE 71-bedroom Three Lakes Hotel in Killarney, Co Kerry, was sold at a Gunne auction yesterday for £3.4 million. It was bought by Donal and Noreen Ring and Michael and Mary O'Donoghue, who jointly own The Tower Hotel and East Avenue Hotel in Killarney. There were five bidders at the auction when bidding opened at £2.25 million. The hotel was declared on the market at £2.75 million. The three-star hotel, which had a nett turnover in the past year of about £1.4 million, has been owned for the past 30 years by the King family.