A total of 23 hotel properties, totalling more than €87 million between them, sold in Ireland during the first nine months of 2017, according to new data from Commercial Property Consultants, CBRE Ireland.
The figures confirm that transactional activity in the Irish hotel sector is down year-on-year after a slow start to the year. CBRE claim the relatively low volume of transactions signed compared to recent years is largely attributable to the scarcity of large-scale assets being released for sale compared to last year with very few Dublin hotels having traded so far this year.
However, the property consultants say there is currently more than €63 million of hotel transactions sale agreed and a further €6 million of transactions where contracts have been signed, which will boost transactional activity in the final quarter of the year. In addition, almost €70 million of hotel investment activity (which is counted separately in investment spend numbers) occurred in the first nine months of 2017.