A total of seven hotel properties, totalling more than €26 million between them, sold in Ireland during the first three months of 2017, reports commercial property consultants CBRE Ireland.
Following a busy year in 2016, during which 66 hotel properties, totalling €805 million, changed hands in the Irish market, transactional activity has slowed over recent months as had been anticipated, according to Lisa Keogh, Associate Director, CBRE Hotels.
"The seven trading hotel sales completed in the Irish market during Q1 2017 compared to 14 sales totalling more than €47 million in the same period last year," said Keogh.
She claims that the market is very busy behind the scenes as hotel assets are being prepared for sale and other sales processes are being conducted off-market.
"However, very few hotel properties have been formally launched for sale so far this year, which is frustrating considering the weight of capital chasing opportunities at present," added Keogh. "Hotels that are currently being marketed which will boost transactional activity in the second half of 2017 include the Mount Wolesley Hotel in Carlow, which is guiding €14.25 million and Athlone Springs Hotel in Athlone, Co. Westmeath, which is guiding €3.5 million."