In Munster, Ireland, the Waterford Marina Hotel went on the market last year with a guide price of €3.2 million. This week, Christie & Co., which was overseeing the transaction, sold the three-star hotel for €4 million instead, an increase of 25 percent. The price indicates the ongoing demand for hotel rooms throughout the country.
The hotel was constructed in 1997 and acquired by the previous owners, Frontline Asset Management Limited in the same year.
"The business consistently performs strongly and this sale represents an ideal opportunity for the new owners to enter the Waterford hotels market at a time when the region is becoming better connected and demand for good quality hotel accommodation is rising," Dave Murray, director and head of brokerage Ireland at Christie & Co, told the Irish Independent.
Source: Irish Independent