Hotels change hands in busy start to year for sales in the sector
The Sands Hotel in the popular seaside town of Tramore, Co Waterford, is expected to re-open following its sale for more than €600,000 through local agent Sherry FitzGerald John Rohan.
Accommodating 20 bedrooms, the three star hotel came with conference and banqueting facilities for 300 guests, as well as a nightclub and off-licence.
Its four storey premises extends to 2,050 square metres (22,066 sq ft) of which more than half is on the ground floor. This suggests there may be potential to raise the height for some of the single storey parts of the building.
Meanwhile, another agent, CBRE, reports that the Irish market saw four hotel sales totalling more than €36m in the first three months of this year. The four were: the Heritage Hotel in Killenard, Co. Laois; The Tullamore Court in Tullamore, Co. Offaly; The Castle Oaks in Limerick and the investment sale of the Dublin Citi Hotel on Dame Street, Dublin. Other sales such as Powerscourt to MHL were not completed in the first three months.
As many as 34 transactions totalling more than €730m completed during 2018, boosted by a large portfolio sale during the first half of last year.
Debbie Hugger, from CBRE's hotels team, said "The opening months of the year are generally slow in the hotel property market… With negotiations continuing on a number of hotel transactions at present and several new opportunities due to be formally offered for sale over the coming months, we expect a pick-up in transactional activity in this sector from the second quarter of the year onwards."