A new report from property consultants CBRE asserts that the volume of hotel sales completed in Ireland in 2018 is likely to "comfortably" exceed last year's total of €400 million.
As reported by The Business Post, eight sales amounting to more than €214 million have been completed during the first six months of 2018, with CBRE's John Hughes commenting that there has been "considerable" activity taking place behind the scenes.
Hughes stated, "After several years of de-leveraging, when hotels were actively traded publicly, a number of Irish hotel properties are now being offered for sale in off-market processes.
"The lack of opportunities to acquire existing hotels is also resulting in greater development activity from parties who are prepared to forward-fund or pre-let hotels."
Transactions in the second half of 2018 include the sale of the Tifco chain by Goldman Sachs, which has a portfolio of 23 properties in Ireland including three Crowne Plaza hotels and 12 Travelodges, while Dalata is extending its Ballsbridge and Dublin Airport Clayton hotels as well as the Maldron of Parnell Square, and new hotels due to open in the coming months include Bam's Aloft, Oakmount's Devlin and The Wilder, all in Dublin.
© 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.