Hotel sales surge to €85m as tourism rebounds
HOTEL sales have risen dramatically, new data shows.
Deals worth a combined €85m were inked in the first three months of 2014, according to property firm Savills – a 150pc increase on the value of hotel properties sold in the same period in 2013.
Some 13 properties changed hands, in comparison to six the year before. Major deals included the sale of the Hilton Hotel Dublin for €30m and the Clare-based Doonbeg Golf Resort, pictured, which was bought by US billionaire Donald Trump for around €15m.
The figures do not factor in a number of hotel deals where the sale had been agreed but not finalised, Savills said.
And there are even more in the pipeline, including the exclusive Portmarnock Hotel and Golf Links and Dublin city centre's Westin Hotel, home to the famous Mint Bar.
"It has been a solid start to the year for the Irish hotel property market," said Savills head of hotels Tom Barrett.
"Based on the first three months and our visibility of what is coming to market, we expect sales to exceed €300m this year," Mr Barrett added.
Recent fundraising by Dalata, the hotel chain which intends to buy and start building a number of Irish hotels this year, is expected to further boost dealmaking.
NAMA, meanwhile, has indicated that a steady stream of properties will be put up for sale this year.
Solid tourism numbers are also adding to hoteliers' confidence in the industry's recovery.
"2013 was a very good year for tourism . . . this growth has continued into 2014 and we expect it to have a positive influence on the hotel sector," Mr Barrett said.