Boom in Irish hotel sales as deals totalling ?160m recorded
Speaking at a hotel conference in Dublin, the agent’s head of hotels John Hughes said 33 hotels changed hands last year.
Of those, 28 of the sales were for hotels outside Dublin.
“While much of the press focus has concentrated on the sale of Dublin hotels, which is due to the high prices achieved, the reality is that the market for hotels is nationwide,” he said.
Nearly half the sales ? 14 ? occurred in?Munster, while three were in Connaught. Two others were done in Ulster. In Leinster, nine deals were done in Dublin, and another five were completed outside the capital.
A feature of the Irish hotel market in 2013 was the global origin of purchasers, with US-based buyers accounting for 50 per cent of the capital value of hotels that transacted in 2013. Purchasers for Irish hotels in 2013 also originated from the Far East,?Middle East,?Europe?and the UK, he said.
While Irish-based buyers were more active in the purchase of hotels up to ?5m, they did account for 20 of the 33 sales.
Those numbers are widely expected to go up this year, with numerous hotels expected to go on the market in 2014.
Click here to read more.