Four Star Boutique Hotel On The Market
The Dukes at Queens Hotel in South Belfast has been put on the market by private treaty for in excess of £3 million according to commercial property agents CBRE.
The four star hotel is located in the heart of Belfast’s Queen’s University area which is currently undergoing a regeneration and is regarded as one of the most popular leisure destinations in Belfast.
The property was extensively refurbished in 2009, with a considerable investment made to upscale its 32 en-suite bedrooms, cocktail bar and restaurant and conference/banqueting suite. The rooms have been modernised to accommodate modern technology and the cocktail bar and restaurant can cater for up to 110 people with a further function room also capable of holding 110.
The property has been put up for sale at a time when the hotel market in Northern Ireland is highly active. With recent deals including the Jury’s Inn Portfolio, the Holiday Inn Belfast, Ramada Portrush, and Windsor House recently being sold to experienced hoteliers, the Hastings Group.
The increase in hotel sector activity comes from an increase in underlying hotel values, which stem from trading performances that have been steadily improving through 2014 and into 2015.
The hotel is offered for sale as a going concern and offers are invited for the freehold of the property and business.
This sale offers an opportunity to acquire a centrally located hotel business in an increasingly popular location. The recent refurbishment ensures there is very little renovation to be done, if any, so interested buyers will not have the issue of further investment on top of purchase price.
“The Queen’s University area has benefitted from the rise in tourism that NI is experiencing and so premium accommodation and hospitality in general is of high value to the area. 2015 has been an exciting year for the hotel market in Belfast in particular and with another prime location up for sale, it points to a positive upturn in the industry.
Experienced local, national and international property investors are now seeking investment opportunities in the hotel sector which is fast becoming a mainstream asset class alongside student accommodation, nursing homes and residential. With occupancy levels growing in Belfast, there is a real demand for premium hotel space.
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 (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. 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 140 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, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.