In Ireland, Q1 hotel sales soar

Irish eyes are shiniong. A total of 13 hotels worth almost €85 million were sold in the first three months of the year in Ireland, an increase of 150 percent on the same period in 2013, when just six hotels, valued at €34 million, were sold, reports The Irish Times.

According to a report compiled by Savills, while the volume and value of transactions are significantly ahead of this time last year, the figures also do not factor in the number of hotels that are also now sale agreed. When these are included, the total figure is closer to €150 million.

Tom Barrett, head of hotels and leisure at Savills, expects the volume and value of hotel transactions this year to exceed the € 200 million of sales last year.

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Hotel sales in the first quarter of this year included the Hilton Hotel Dublin for about €30 million, and the former Clarion Dublin Hotel Airport Hotel and Doonbeg Golf Resort, both in the region of €15 million.