€190m In Hotel Sales Conducted In Ireland In 2021 To Date, According To CBRE
€190 million in hotel sales have been conducted in Ireland in 2021 to date, according to the latest bi-monthly report from commercial real estate services firm CBRE.
As reported by The Irish Times, while the tourism sector has taken an unprecedented hit as a result of the COVID-19 pandemic, the prospects for the sector are positively reflected in the €190 million in hotel sales conducted this year to the date and in the €200 million of off-market trades that CBRE said are currently under negotiation.
Looking to the future, CBRE reportedly said that many of the hotel opportunities that are due to come to the market in the coming weeks and months are development projects as opposed to trading assets.
Grocery, Food And Beverage Sectors
CBRE reportedly also said that it is expecting to see further consolidation in the grocery and food and beverage sectors over the coming months, with good demand from domestic occupiers in particular.
Overall Trajectory Positive
A total of €2.7 billion was reportedly invested in Irish commercial real estate during the first half of 2021 and a further €1.3 billion is reportedly likely to be spent by the end of this year, according to CBRE’s latest bi-monthly report, which reportedly finds the overall trajectory of the market to be positive despite the disparity in performance between the various sectors over the course of the COVID-19 pandemic.
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