Supply Of Aparthotel Bedrooms In Dublin To Almost Double In 2022, According To Savills

The supply of aparthotels in Dublin will grow by 96% this year, according to property advisor Savills Ireland.

Details

At the start of of 2022, aparthotels represented 3.8% of Dublin's total hotel stock in comparison with 8.1% and 9.5% in London and Manchester, respectively, according to Savills Ireland.

Two Staycity aparthotels have opened so far this year, and aparthotel supply is forecast to increase by a further 40%, based on what is currently under construction, including a 340-unit Staycity scheme on Little Mary Street, Dublin 7.

Home grown brand Staycity, which is now one of the biggest operators in Europe, started out in Dublin in 2004. Since then, the market has grown substantially, with multiple brands expanding their presence across the city, including the addition of 401 units across two sites in the last 12 months by Locke Living.

Statement By Director of Hotels & Leisure At Savills Ireland

Director of hotels & leisure at Savills Ireland Tom Barrett stated, "Some commentators question whether the city can absorb this level of expansion? Savills forecast some very short-term challenges at a city level, considering most of the aparthotel pipeline will be delivered in 2022 when demand from international travellers is in the recovery phase post-COVID-19."

 Barrett continued, "However, with corporates such as TikTok, 2K Games and JustEat establishing new headquarters in the Dublin alongside existing large occupiers like Facebook, corporate demand for longer-stay accommodation is predicted to be buoyant. This demand is likely to be exacerbated by the very tight housing market in the city and increasing restrictions on Airbnb. While the level of supply growth is considerable, the drivers of demand suggest that operational performance over the medium to long term will be strong."

Aparthotel Openings

Additionally, Savills Ireland released the below table of aparthotel openings.

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