More Than €36 Million Transacted in the Irish Hotel Sector During First Quarter Of 2019
April 1st, 2019 - Property consultants CBRE Ireland have today released figures for hotel spend in the first quarter of 2019 showing that only 4 hotel sales totalling more than €36 million transacted in the Irish market in the year to end of March. This follows the completion of 34 transactions totalling more than €730 million between them during the full year in 2018, which was considerably higher than the volume of sales completed in 2017 having been boosted by a large portfolio sale during the first half of last year.
The opening months of the year are generally slow in the hotel property market and 2019 has been no exception with very few hotel sales having concluded during Q1 despite a strong volume of activity underway in the sector behind the scenes. With negotiations continuing on a number of hotel transactions at present and several new opportunities due to be formally offered for sale over the coming months, we expect a pickup in transactional activity in this sector from the second quarter of the year onwards
Hotel transactions that completed in Q1 2019 include:
- The sale of the Heritage Hotel in Killenard, Co. Laois;
- The sale of the Tullamore Court in Tullamore, Co. Offaly;
- The sale of the Castle Oaks Hotel in Limerick;
- The investment sale of the Dublin Citi Hotel
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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, 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