14 Irish Hotels Have Changed Hands So Far In 2016
Dublin, 29th March 2016 – 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 2016, showing that a total of 14 hotel properties, totalling more than €47 million between them sold in Ireland during the first three months of 2016.
Following an exceptionally busy year in 2015, during which 63 hotel properties (totalling €710 million) changed hands in the Irish market (including two hotel portfolios), transactional activity has remained strong in Q1 2016 with a further 14 hotel sales totalling more €47 million concluding in the last three month period. In addition, the leasehold interests in 3 other hotel properties changed hands in the quarter. A number of notable hotel properties are currently being marketed, including the Gresham Hotel on O’Connell Street (guiding excess €80 million), which will boost spend further over the next couple of months.
According to Marie Hunt, Executive Director and Head of Research at CBRE Ireland, it was interesting to note that only two of the 14 hotel properties that sold in Ireland during the last three month period were located in Dublin, demonstrating the strength of appetite for well-located properties throughout the country.
Irish hotels that sold during Q1 2016 included The Tara Towers Hotel on Dublin’s Merrion Road; the Clarion Hotel, Sligo; the Abberley Court Hotel in Tallaght, Dublin 24 and the Waterford Marina Hotel in Waterford.
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.