Irish hotel sales top €1bn in 2015

Value of hotel sales boosted by sale of Bewley’s, Jurys Inn, and the Castlemartyr Resort

The value of hotel sales in Ireland topped a record €1 billion last year, boosted by the sale of Bewley’s, Jurys Inn, Adare Manor and the Castlemartyr Resort.

Significant Irish hotel sales included Dalata's purchase of Moran Bewley's Hotels in addition to the Clarion in Cork and Clayton Hotel in Galway. Private equity fund Lone Star purchased Jurys Inn, while the Intercontinental Dublin (formerly The Four Seasons) was acquired by a consortium backed by US businessman, John Malone.

Adare Manor in Limerick was acquired by Irish businessman JP McManus and the Castlemartyr Resort in Cork, sold to a British hotelier.

Property consultants Savills Ireland, in its upcoming report on the hotel sector, demand for hotel assets was consistently strong in 2015 due a wide range of positive factors, such as the 14 per cent growth in overseas visitors, the significantly stronger dollar and pound compared to a weaker euro, and Irish GDP growth of 7 per cent.

Savills Ireland director of hotels and leisure, Tom Barrett, said Ireland's tourism industry is now achieving record volumes, and combined with a strong domestic economic recovery, this is driving high hotel occupancy rates throughout the country.

“This positive position attracted the attention of both domestic and international hotel operators and investors in 2015. We predict that 2016 will show further recovery with current positive indicators being maintained.”

He said the addition of events such as the 1916 Centenary and the box office success of Star Wars will also attract visitors to both the capital and rural Ireland.