Irish hotels accomplish record-breaking deals in 2016

Published on : Thursday, March 16, 2017

Ireland hotelsIreland had recorded hotel deals worth as much as €720 million in the year 2016, as per a brand new research from Cushman & Wakefield, the commercial partner of Sherry Fitzgerald.

 

This included a €429 million worth hotel transactions in the last quarter of 2016, a year when tourism to Ireland had hit a record new level. The largest deal was that associated with the sale of the former Burlington Hotel that was known as the Double Tree by Hilton, for €182 million to German asset manager Deka Bank.

 

This hotel was acquired by Blackstone in 2012 for an amount worth €67 million.

 

Its new owner has actually rebranded it as the Clayton Hotel Burlington Road, with the Irish hotel chain Dalata installed as its operator. Next came the sale of Fitzpatrick lifestyle hotels that represented a portfolio of three properties in Dublin for €150 million to the John Malone Partnership.

 

The most expensive hotel deal was the sale of the three-star Temple Bar Hotel that was situated in central Dublin for €55.1 million in an off-market transaction.

 

This amount was equal to €405,147 per room and out it much ahead of the Double Tree. Outside Dublin, the largest deals were the sale of the Radisson Blu Farnham Estate in Cavan for €28 million and the Lyrath Estate in Kilkenny at €25 million.

 

Cushman & Wakefield said that 20 hotels were on the market at the end of December, half of which were sale agreed.

 

This included the two-star Camden Deluxe on Camden Street in Dublin for over €8 million, the four-star Maritime Hotel in Bantry, Co Cork for more than €1.5 million and Lynam’s Hotel on O’ Connell Street for €6 million.

 

A shortage of hotel rooms in Dublin had supported room rates in the year and the average was €128 and this was much better than the year 2007 that had observed a peak of €109. It is predicted that this would rise to €148 by the year 2018.

 

Last year, the hotel based in Dublin witnessed the highest occupancy rate in Europe last year at 82.5%.

 

Kirsty Rothwell, the head of trading assets at Cushman & Wakefield said that the outlook for tourism continued to be quite positive.

 

Having said that, he did express concerns about the lack of new stock in Dublin.

 

AAs many as 600 new hotel rooms were under construction in Ireland at the end of December, with another 10,000 in the planning process, out of which 8,500 are based in the city of Dublin or its suburbs.

 

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