A total of 18 hotel properties, totalling almost €75 million between them, sold in Ireland during the first six months of 2017. This is according to new statistics from Commercial property consultants, CBRE Ireland.
This compares with 29 hotel sales totalling €136 million in the same period last year. Hotels sold as investments in the period were specifically excluded.
Hotels that were offered for sale over recent months included the Connemara Coast Hotel in Galway, The Knightsbrook Hotel in Trim, Co. Meath and the Athlone Springs Hotel in Athlone, Co. Westmeath. All of which are now at an advanced stage of negotiation and are expected to reach conclusion imminently.
According to Lisa Keogh at CBRE Hotels Ireland, "Transactional activity in the hotel sector in the first half of 2017, at €75 million, is down year-on-year although momentum is now building after what was a slow start to the year. The relatively low volume of transactions signed in H1 is largely attributable to a slow start and the scarcity of large-scale assets being released for sale compared to last year."
She added, "In total, there is currently up to €60 million of transactions under active negotiation. When combined with transaction volumes in the first half of the year and hotels that are due to be launched for sale over the coming months, it now looks likely that up to €250 million will be transacted in the Irish hotel sector during 2017."
Source: www.businessworld.ie