New data from real estate agency Cushman and Wakefield has revealed that 3,882 hotel rooms were in development in Ireland at the end of 2018. This figure represents a 70% rise on the number of rooms that were in development at the end of 2017.
Cushman and Wakefield's data indicates that just over 1,300 rooms came on stream across 21 hotels in Ireland in 2018, with 1,000 of those 1,300 rooms being spread across 13 properties in Dublin.
87% of the 3,882 hotel rooms that were in development in the country at the end of last year were also set to be located in the capital.
Get a FREE Digital Subscription!Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Meanwhile, €97.5 million was spent across 12 hotel transactions in Ireland in 2018, which represented a 62% drop on figures for 2017.
Envisaging "An Uplift"
The Irish Times quotes Cushman and Wakefield associate director of trading assets Isobel Horan as saying, "There is still a large volume of national and overseas capital seeking investment in Irish hotels, particularly demand from Irish buyers has grown. However, options were limited in 2018. We do envisage an uplift in transaction levels for 2019."
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.