Value of hotel deals soars to €263m
TWELVE hotels with a combined value of €263m were traded in the Irish market in the first nine months of 2018, according to the latest report on the sector from CBRE.
While the number of deals recorded to the end of September was down steeply on the 23 transactions completed in the same period in 2017, the overall spend by investors soared by €176m. The first three-quarters of 2017 by comparison saw a total of €87m spent on hotel acquisitions.
This year's performance was further strengthened in recent weeks by the Prem Group's €17.5m sale and leaseback of its Premier Suites Plus aparthotel in Ballsbridge, Dublin 4, to the leading institutional investor, Aviva.
The deal, which was brokered by Dave Murray of CBRE, represents the first foray of Aviva's Irish Property Fund into Ireland's hospitality and aparthotel market.
The beginning of the third quarter meanwhile saw Supermac's founder and owner, Pat McDonagh, acquire the Athlone Springs Hotel in Monksland, Athlone for a figure in the region of €4m.
The sale was handled by CBRE's John Hughes on the instructions of Aengus Burns of Grant Thornton, in conjunction with the hotel's owner operators.