More Irish hotels have sold in the first quarter of 2015 than during the whole of last year, according to a new report.
Commercial property consultants CBRE has today released statistics on the volume of hotel sales showing that 25 hotel properties changed hands during the first three months of 2015.
According to CBRE, the first quarter 2015 saw the highest quarterly volume of hotel sales ever achieved in Ireland with 25 individual properties totalling over half a billion euro between them trading in 17 individual transactions in the quarter.
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Paul Collins, executive director at the Hotel & Licensed division of CBRE, said "Sixty three hotel sales concluded in Ireland in 2014, totalling over €422.5 million, compared to 33 hotel sales totalling €160 million in 2013.
"It is phenomenal to consider that as a result of continued deleveraging efforts, the volume of Irish hotel sales concluded in the first three months of 2015 totalled more than €500 million. We expect 2015 to be the busiest year on record for hotel transactions in Ireland".
A number of notable hotel sales are still underway including The Crystal Collection, 7 Irish hotel properties with a combined 835 bedrooms, which CBRE are currently selling, suggesting strong transaction volumes will be maintained over the next couple of months.
(Irish Hotel Sales 2007-2015(Q1) - Source: CBRE)
© 2015 Hospitality Ireland – your source for the latest hopsitality news. Article written by Andrew Jennings.