7 Irish Hotels Have Changed Hands So Far In 2017
Dublin, 4th April 2017 – Commercial property consultants CBRE Ireland today released statistics on the volume and value of hotel sales in the Irish market in the first three months of 2017, showing that a total of 7 hotel properties, totalling more than €26 million between them sold in Ireland during the first three months of 2017.
Following an exceptionally busy year in 2016, during which 66 hotel properties (totalling €805 million) changed hands in the Irish market, transactional activity has slowed over recent months as had been anticipated. 7 trading hotel sales totalling more than €26 million were completed in the Irish market during Q1 2017 compared to 14 sales totalling more than €47 million in the same period last year. The market is very busy behind the scenes as hotel assets are being prepared for sale and other sales processes are being conducted off-market. However, very few hotel properties have been formally launched for sale so far this year, which is frustrating considering the weight of capital chasing opportunities at present. Hotels that are currently being marketed which will boost transactional activity in the second half of 2017 include the Mount Wolesley Hotel in Carlow, which is guiding €14.25 million and Athlone Springs Hotel in Athlone, Co. Westmeath, which is guiding €3.5 million.
Irish hotels that sold during Q1 2017 include the 104 bedroom D Hotel in Drogheda, Co. Louth and the 30 bedroom Clifton Court Hotel in Dublin city centre.
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.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.