Over €3bn Irish Hotel Transactions Since 2012
A new analysis conducted by Savills Ireland has revealed that over €3 billion worth of hotels have changed hands in Ireland since 2012.
The Irish Independent reports that Savills also pointed out that despite €600 million worth of transactions taking place in 2017, it was a relatively quiet year for hotel sales in Ireland compared to figures of €850 million and €1 billion for 2016 and 2015, respectively.
Among the most notable hotel transactions in 2017 were the sale of Dublin's Gibson Hotel to German group Dekabank, businessman John Mullen's acquisition of Co. Kildare's Carton House hotel, and the purchase of Galway's Radisson Blu hotel by a partnership between the MHL Hotel Collection and hotelier/developer Jerry O'Reilly.
In another recent study, Savills reported that upwards of 3,000 additional hotel rooms are in the pipeline for Dublin over the next several years. New venues opening in the capital in 2018 include the Iveagh Garden Hotel of Harcourt Street, the Clayton Hotel of Charlemont, and the Aloft at Blackpitts in Dublin 8.
Commenting on the above information, director of Savills Hotels & Leisure division Tom Barrett said, "Dublin remains one of the best-performing cities in Europe in terms of occupancy, which will continue to attract attention from both hotel operators and investors. Looking ahead to 2018, we expect to see further re-trades in a stabilising trading environment, following years of exceptional growth. In addition, the emergence of new hotels next year will also create interesting investment opportunities. So, overall, the outlook for the market is very positive."