Record Year for Hotel Sales in Ireland
Almost €650 million worth of hotel deals have been made since the start of 2015 - a record year for sales.
According to property company CBRE a total of 54 hotels have changed hands so far this year. In total, 64 hotels were sold last year for a combined total of €422.5 million, while in 2013, 33 deals were made to the value of €160 million.
The value of the sales is the first of its like since the property crash after the Celtic Tiger and has already surpassed 2006 figures, when 32 hotels were sold.
Some of the major deals done this year include the Adare Manor, which was purchased for €31.5 million by JP McManus, an several hotels taken over by Dalata Hotel Group, including the Clayton Hotel in Co. Galway.
Lisa Keogh of CBRE Hotels Ireland said: "There is now a scarcity of hotels to satisfy inherent volumes of demand from hoteliers and investors. The need to release more hotel assets for sale to cater for this demand is becoming increasingly apparent.”