2015 is a record year for hotel sales
Published 01/10/2015 | 02:30
Ireland is experiencing a record year for hotel sales not seen since the latter years of the Celtic Tiger.
A report published today claims a total of 54 hotel properties, in deals totalling almost €650m, changed hands in the first nine months of this year alone and that there is a now shortage of Irish hotel properties available to purchase.
The 2015 tally of hotel sales to date already surpasses the total of 32 hotels sold in the entire of 2006 - the last year before the property crash kicked in.
However, the smaller number sold in that year were worth more than €1bn - demonstrating that values still have a long way to go before they match the heady prices paid at the peak of the boom market.
According to Lisa Keogh from CBRE Hotels Ireland, who published the report: "There is now a scarcity of hotels to satisfy inherent volumes of demand from hoteliers and investors. The need to release more hotel assets for sale to cater for this demand is becoming increasingly apparent".