Big brands eye Dublin hotels
Published 03/05/2015 | 02:30
The level of international brands in the Irish hotel market is set to increase sharply, according to a new report from Savills.
The agency claims the "high volume of hotel sales in recent years has resulted in a significant change in ownership structures - enabling some to rebrand and others to be subsumed into existing larger hotel chains".
Savills head of hotels Tom Barrett said the number of buyers from overseas was spurring the change.
"Traditionally, Ireland hasn't been a location for hotel chains or brands; however we are now witnessing a change of the guard in that respect. For example in January, the Four Seasons hotel in Dublin was renamed as the InterContinental Dublin.
"Last year, the Burlington Hotel was renamed as DoubleTree by Hilton and in the near future, Dalata will rebrand eight Irish and five UK hotels under the Clayton brand. We expect this trend to continue as more hotels are brought to the market for sale."
The hotel market has improved sharply in the last 18 months, and Mr Barrett believes that trend will continue for the foreseeable future.
"With more trips being taken, demand for hotel accommodation is strengthening and this is feeding through to an increase in hotel transactions.
In 2014, almost sixty hotels changed ownership in deals worth €440m, double the value of 2013 transactions. In the first months of 2015, two notable deals have already been completed with Lone Star purchasing the Jurys Inn Group for over €900m and Dalata completing its purchase of nine Moran Bewley hotels," he said.
Sunday Indo Business