Dublin hotels had the biggest increase in both transactions and revenue per room (RevPar) out of seven major European cities, according to a new report.
The report by property firm Savills ranked Dublin first for growth over London, Paris, Berlin, Amsterdam, Madrid and Rome. Transactions totalled €234 million, an increase of 94 per cent in what was a blockbuster year for hotel sales in Dublin, and Ireland in general.
Perhaps most indicative of the resurgent hotel sector is the increase in RevPar, an industry metric measuring how much it made in revenue according to how many rooms are available. This rose by 11.3 per cent in 2014, beating Madrid which had 10.3 per cent growth.
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.
Despite still leading with the amount spent in transactions as well as hosting the most visitors, Paris and London's growth in both areas remained relatively stagnant, as availability was an issue.
Tom Barrett, director of Savills, predicted continued growth for Dublin in 2015, as Ireland will benefit from increasing visitors from overseas due to the weakening of the euro.