Dalata, McManus, and Lone Star push Irish hotel sales to record €1bn
The value of hotel sales in Ireland topped a record €1bn last year with the major sales of Bewley's, Jurys Inn and Adare Manor helping to the new high.
The record-high is according to new research from property consultants Savills, which says that growth in overseas visitors and other factors helped sales.
Savills notes that demand for hotel assets was strong in 2015 due to a 14pc growth in overseas visitors, Dublin hotel revenue per available room growth of 20pc and the strong positions of the dollar and sterling. The firm also says that a 7pc bump in Ireland's GDP also contributed to the demand.
Speaking about the figures, director of hotels and leisure at Savills Ireland, Tom Barrett said:
“Ireland’s tourism industry is now achieving record volumes, and combined with a strong domestic economic recovery, this is driving high hotel occupancy rates throughout the country. This positive position attracted the attention of both domestic and international hotel operators and investors in 2015.
"We predict that 2016 will show further recovery with current positive indicators being maintained. Moreover, the addition of events such as the 1916 Centenary and the box office success of Star Wars will also attract visitors to both the capital and rural Ireland," he said.
Although a reasonable number of individual hotels are due to come to the market in 2016, Savills expect the focus to increasingly turn to development – particularly in Dublin – due to the shortfall in hotel bedrooms.