Over €47m in Hotel Sales So Far This Year
A total of 14 hotel properties were sold in Ireland in the first three months of 2016 with a total value of €47 million.
This is according to property consultants CBRE, which released released statistics on the volume and value of hotel sales in the Irish market in the first three months of the year.
Of the 14 properties sold, only two were based in Dublin; the Tara Towers Hotel on Dublin’s Merrion Road and the Abberley Court Hotel in Tallaght. Dublin hotels are in huge demand, but supply is low at the moment after a bumper year for sales in 2015.
Lisa Keogh, senior analyst at CBRE Hotels said transactional activity has remained strong in 2016 after a busy year in 2015 when 63 properties changes hands, worth a total of €710 million.
She added that this number will increase considerably over the next few months, as a number of high-profile properties, including the €80 million-valued Gresham Hotel, are due to be sold.
Other properties sold so far in 2016 include Tipperary's Cashel Palace Hotel (pictured) and Aherlow House Hotel and the Marina Hotel in Waterford.