Bumper Year For Irish Hotel Market As 55 Properties Sold
Although not reaching the heights of last year when a record 63 properties changed hands in transactions worth €710 million, 2016 has proved another busy one for the Irish hotel sales market with 55 properties changing hands.
CBRE Hotels has stated that once again transactions should surpass the €700 million mark this year, adding that international buyers are attracted to Dublin because the RevPAR (revenue per available room) has continued the momentum from 2014 and is now up to 23 per cent, reports The Irish Times.
Some major sales have been pushed through in 2016, including Blackstone offloading the DoubleTree by Hilton Hotel to a German investment fund for €180 million, doubling its original investment in the former Burlington Hotel property, with Dalata now managing operations under its Clayton Hotel brand.
The other big transaction earlier this year in the capital was Spain's Riu Hotel Group buying Dublin's iconic Gresham Hotel for €92 million, after beating Tifco Hotel Group for the 4-star 323-bedroom property.
Meanwhile, hotel occupancy in Dublin has been the highest ever this year, at 82 per cent. According to hotel benchmarkers STR Global, average Saturday night occupancy in Dublin during the past 12 months was 89.6 per cent, reports The Irish Times.