A new report released today by Savills Ireland has found that more than €3bn worth of hotels have changed hands in Ireland since 2012.
Savills claim Dublin remains one of the best performing cities in Europe in terms of occupancy, which will continue to attract attention from both hotel operators and investors. Looking ahead to 2018, the property experts expect to see further re-trades in a stabilising trading environment, following years of exceptional growth.
Despite €600m worth of transactions, Savills note that 2017 was a quieter year for hotel sales, on foot of strong trading in 2016 (€850m) and 2015 (€1bn).
Notable sales this year include Dublin’s Gibson Hotel, which was acquired by the German-based Dekabank for in excess of the €87m guide price. Elsewhere, American businessman John Mullen completed the purchase of Carton House hotel and golf resort in Kildare earlier this month for €57m. Meanwhile, the MHL Hotel Collection added to its portfolio with the purchase of the Radisson Blu hotel and spa in Galway for approximately €50m.
Savills also note the significance of the Jurys Inn chain sale by US-based private-equity group Lone Star, to Swedish hotel group, Pandox. The transaction is likely to account for a significant number of the total transactions in 2017.
Despite diverting attention to hotel development, Dalata – Ireland’s largest hotel operator – remained active in 2017, spending over €80m acquiring the majority of the Clayton Cardiff Lane and Clayton Liffey Valley hotels.
A recent study by Savills revealed that more than 3,000 hotel bedrooms are actively planned for Dublin over the coming years. In 2018, new hotel openings include:
• Iveagh Hotel, Harcourt St, D2
• Aloft, Blackpitts, D8
• Clayton Hotel, Charlemont, D2
• Maldron Hotel, Kevin St, D8
• The Devlin, Ranelagh, D6
Source: www.businessworld.ie
