Value of hotel sales soars by 150% in first quarter

A total of 13 hotels worth almost €85 million were sold in the first three months of the year

Dublin’s Westin Hotel is due to come to the market shortly. Photograph: Cyril Byrne /The Irish Times

Dublin’s Westin Hotel is due to come to the market shortly. Photograph: Cyril Byrne /The Irish Times

Mon, Mar 31, 2014, 10:28

A total of 13 hotels worth almost €85 million were sold in the first three months of the year, an increase of 150 per cent on the same period in 2013, when just six hotels, valued at €34 million, were sold.

According to a report compiled by Savills, while the volume and value of transactions are significantly ahead of this time last year, the figures also do not factor in the number of hotels that are also now sale agreed. When these are included, the total figure is closer to €150 million.

Tom Barrett, head of hotels and leisure at Savills, expects the volume and value of hotel transactions this year to exceed the € 200 million of sales last year.

“Based on the first three months and our visibility of what is coming to market, we expect sales to exceed € 300m this year.”

Significant hotel sales in the first quarter of this year included the Hilton Hotel Dublin for about € 30 million, and the former Clarion Dublin Hotel Airport Hotel and Doonbeg Golf Resort, both in the region of € 15 million.

Dublin propertieslaunched in the last week include the Portmarnock Hotel and Golf Links (€ 20m) and the Pearse Hotel(€ 9m), with the Westin Hotel due to come to the market shortly.