A new report released today by the world's largest commercial real estate services firm, CBRE, shows that four hotel sales totalling more than €36 million transacted in the Irish market in the year to end of March.
This follows the completion of 34 transactions totalling more than €730 million between them during the full year in 2018, which was considerably higher than the volume of sales completed in 2017 having been boosted by a large portfolio sale during the first half of last year.
Hotel transactions that completed in first quarter 2019 include:
The sale of the Heritage Hotel in Killenard, Co. Laois
The sale of the Tullamore Court in Tullamore, Co. Offaly
The sale of the Castle Oaks Hotel in Limerick
The investment sale of the Dublin Citi Hotel
Speaking this week, Debbie Hugger from the hotels team at CBRE Ireland said, "The opening months of the year are generally slow in the hotel property market and 2019 has been no exception with very few hotel sales having concluded during first quarter despite a strong volume of activity underway in the sector behind the scenes."
She added, "With negotiations continuing on a number of hotel transactions at present and several new opportunities due to be formally offered for sale over the coming months, we expect a pickup in transactional activity in this sector from the second quarter of the year onwards."