Tuesday, July 08 10:41:27
Twenty seven hotel property sales totalling over E132 million have been completed in the Irish market in the first six months of 2014, according to analysis from property advisor CBRE.
This excludes property investment sales.
In the same period in 2013 just 13 hotels totalling E48 million were sold throughout the country, with activity in the Irish hotels market in H1 2014 almost three times higher than the volume of activity recorded in the first six month of 2013.
According to CBRE Research, an array of private investors and hotel operators have been active in the market over the first six months of the year, with local purchasers accounting for 75pc of the hotel spend in the period, while overseas purchasers from the US, UK and China, account for a further 21pc of the spend in the six month period. Some of the largest transactions completed in the first half of the year include the sale of the Hilton Hotel, Charlemont Place, Dublin for E30 million; the sale of the Doonbeg Hotel, Co. Clare for E15 million and the sale of the Clarion Hotel, Dublin Airport for E15 million. 64pc of the activity in the hotel sector during H1 2014 occurred in regional locations with Cork accounting for 25pc of spend in the period.
CBRE believes that the current pace of activity in the Irish hotel sector will continue in the second half of the year when a number of significant hotel properties and portfolios are expected to be brought to the market.