The first quarter of 2016 is drawing to a close, and it already looks good for Ireland's hotels. A new report from property agent CBRE found that 14 Irish hotel deals reached a total value of €47 million in the first three months of the year alone.
While the value may seem relatively small considering an estimated €710 million worth of hotel property was bought and sold last year, the Irish Independent notes that there are still several major deals set to close this year. The Gresham Hotel and Lyrath Estate in Kilkenny could attract more than €100 million between them. The 2015 figures also included two hotel portfolios, with no portfolios expected this year.
CBRE Hotels' Lisa Keogh said that the leasehold interests in three other hotel properties changed hands in the quarter. CBRE Ireland's head of research Marie Hunt pointed out that "only two of the 14 hotel properties that sold in Ireland during the last three-month period were located in Dublin, demonstrating the strength of appetite for well-located properties throughout the country."
Irish hotels that sold during the first quarter of 2016 included The Tara Towers Hotel on Dublin's Merrion Road; the Clarion Hotel, Sligo; the Abberley Court Hotel in Tallaght and the Waterford Marina Hotel.
Source: Irish Independent