Saturday 10 December 2016

Hotels worth nearly €50m sold in the first quarter

Published 31/03/2016 | 02:30

The Gresham Hotel is set to sell for more than €80m this year
The Gresham Hotel is set to sell for more than €80m this year

As many as 14 hotels worth just under €50m changed hands during the first three months of 2016, new research has found.

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Data from property agent CBRE found that deals involving those hotels closed between January and March with a total value of €47m.

While the value may seem relatively small considering more than €700m worth of hotel property was bought and sold last year, a number of big ticket properties are yet to close this year. The likes of the Gresham Hotel and Lyrath Estate in Kilkenny are on track to fetch more than €100m between them, Both properties formally went on the market last month. The 2015 figures also included two hotel portfolios, with no portfolios expected this year.

CBRE Hotels' Lisa Keogh commented: "Following an exceptionally busy year in 2015, during which 63 hotel properties totalling €710m changed hands in the Irish market, transactional activity has remained strong in Q1 2016 with a further 14 hotel sales totalling more €47 million concluding in the last three month period.

"In addition, the leasehold interests in three other hotel properties changed hands in the quarter. A number of notable hotel properties are currently being marketed, including the Gresham Hotel on O'Connell Street guiding excess €80m, which will boost spend further over the next couple of months.

According to CBRE Ireland's head of research Marie Hunt, it was "interesting to note that only two of the 14 hotel properties that sold in Ireland during the last three month period were located in Dublin, demonstrating the strength of appetite for well-located properties throughout the country".

Irish hotels that sold during the first quarter of 2016 included The Tara Towers Hotel on Dublin's Merrion Road; the Clarion Hotel, Sligo; the Abberley Court Hotel in Tallaght and the Waterford Marina Hotel.

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