New Report States Up To 3,000 Hotel Rooms Could Open In Dublin By 2023
According to a new report from consultants Crowe, based on planning and developer appetite, as many as 3,000 hotel rooms could be opened in Dublin by 2023 in addition to the 699 rooms currently under development and planned to come on stream by next year.
The Irish Times reports that Crowe's forecast came during the course of a submission made on behalf of hotelier Brian McGettigan, who is planning to develop a seven-storey, 65-bedroom hotel at Parnell Street and Capel Street in the capital via his Vision Wave Ltd firm.
Demand And Growth
Crowe's submission states that despite a considerable rise in demand, the level of supply in Dublin has remained at approximately 150 hotels and 19,000 rooms over the past decade.
Crowe expects that 2019 will be "another year of growth", but the consultants "do not anticipate it will be at the same levels as previous as new supply entered the market and as the current hotel supply absorbs some of the VAT increase."
Hotel Numbers And Stabilisation
Crowe highlighted that there are 149 registered hotels with 19,381 rooms operating in the capital at present, with 44% of these venues being situated in the city centre.
While Crowe acknowledged that a hotel generally takes two to three years to stabilise within its local area, the consultants said that new Dublin city centre hotels should reach stabilisation quicker because "demand is so strong".
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.