Dublin Hotel Room Growth May Fall Short Of Expectations In 2018
According to Dublin based financial group Davy, despite 2018 being "the first time in almost 10 years that Dublin will see a meaningful increase in new room supply", hotel room growth in the capital t...
According to Dublin based financial group Davy, despite 2018 being "the first time in almost 10 years that Dublin will see a meaningful increase in new room supply", hotel room growth in the capital this year may end up being less than expected, meaning "a moderate level of supply tightness will remain".
The Irish Times reports that Davy anticipates that approximately 1,300 new hotel rooms will open in Dublin this year, backing up the predictions made by property group Jones Long LaSalle last week. Factors contributing to the increase in the capital's hotel room stock in the coming months include the opening of the Iveagh Garden Hotel on Harcourt Street and Dalata developments such as the Clayton Charlemont.
However, Davy expects supply to stay tight, asserting that on a net basis, the capital's hotel room stock will only rise by 800 in 2018. The group attributes this to the closure of two hotels by Dalata, one of which is the 111-bedroom Tara Towers Hotel, which will shut down later this year ahead of being redeveloped into a 140-bedroom Maldron Hotel. Meanwhile, Dalata's lease on the 392-bedroom Ballsbridge Hotel is due to expire in October and while the group is expected to seek an extension of the lease until March of 2019, the property is then set to re-developed by Chartered Land.