Property consultants CBRE Ireland have released figures for hotel spend in the first quarter of 2018 showing that four hotel sales totalling almost €199 million transacted in the Irish market this year to the end of March. This figure represents almost half the volume of spend recorded in the sector during the entirety of 2017.
Lisa Keogh from the hotels team at CBRE Ireland said, “Although there were only four hotel sales completed in the Irish market in the first three months of 2018, the overall spend was very healthy with almost €199 million transacted in the three month period. Following a year in which transactional activity in the hotel sector was constrained by a shortage of product, particularly in the Dublin market, we expect to see significant improvement in this situation in 2018, with several high-profile hotel properties expected to be offered for sale (both on and off market) over the next few months. Some of these sales will have been fast-tracked by capital gains tax waiver scheme changes announced in last autumn’s budget, whereby assets purchased after 2011, that originally had to be held for a seven-year period in order to trigger a capital gains tax waiver, can now be sold after a four-year hold period”.
The hotel transactions that completed in Q1 were:
· The sale of the McWilliam Park Hotel in Claremorris, Co. Mayo;
· The sale of Citywest Hotel in Dublin;
· The sale of the Hilton Garden Inn Dublin Custom House as part of the Amaris portfolio;
· The sale of the Radisson Blu Hotel in Sligo.
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.