18 Irish Hotels Have Changed Hands In The First Half Of 2017
Dublin, 3rd July 2017 – Commercial property consultants CBRE Ireland today released statistics on the volume and value of hotel sales in the Irish market in the first half of 2017, showing that a total of 18 hotel properties, totalling almost €75 million between them sold in Ireland during the first six months of 2017. This compares with 29 hotel sales totalling €136 million in the same period last year. Hotels sold as investments in the period were specifically excluded.
Transactional activity in the hotel sector in the first half of 2017, at €75 million, is down year-on-year although momentum is now building after what was a slow start to the year. The relatively low volume of transactions signed in H1 is largely attributable to a slow start and the scarcity of large-scale assets being released for sale compared to last year. A number of assets that were offered for sale over recent months, including the Connemara Coast Hotel in Galway; The Knightsbrook Hotel in Trim, Co. Meath and the Athlone Springs Hotel in Athlone, Co. Westmeath, are now at an advanced stage of negotiation and expected to reach conclusion imminently. In total, there is currently up to €60 million of transactions under active negotiation. When combined with transaction volumes in the first half of the year and hotels that are due to be launched for sale over the coming months, it now looks likely that up to €250 million will be transacted in the Irish hotel sector during 2017.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie