Almost €199 Million Transacted In The Irish Hotel Sector During First Quarter Of 2018
April 9th, 2018 – Property consultants CBRE Ireland have today released figures for hotel spend in the first quarter of 2018 showing that 4 hotel sales totalling almost €199 million transacted in the Irish market in the year to end of March - almost half the volume of spend recorded in this sector in the entire year in 2017.
Although there were only 4 hotel sales completed in the Irish market in the first three months of 2018, the overall spend was very healthy with almost €199 million transacted in the three-month period. Following a year in which transactional activity in the hotel sector was constrained by a shortage of product, particularly in the Dublin market, we expect to see significant improvement in this situation in 2018 with several high-profile hotel properties expected to be offered for sale (both on and off market) over the next few months. Some of these sales will have been fast-tracked by Capital Gains Tax Waiver scheme changes announced in last Autumn’s Budget, whereby assets purchased after 2011, that originally had to be held for a seven-year period in order to trigger a capital gains tax waiver, can now be sold after a four-year hold period.
Hotel transactions that completed in Q1 include:
• The sale of the McWilliam Park Hotel in Claremorris, Co. Mayo
• The sale of Citywest Hotel in Dublin
• The sale of the Hilton Garden Inn Dublin Custom House as part of the Amaris portfolio
• The sale of the Radisson Blu Hotel in Sligo
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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