More hotels sold in first half of 2016 than height of boom in 2006
29 hotel properties, totalling more than €136m sold in Ireland in first half of 2016
29 hotel sales totalling more €136 million concluded in the first half of 2016. Photograph: Aidan Crawley
A total of 29 hotel properties, totalling more than €136 million between them were sold in Ireland during the first six months of 2016.
Lisa Keogh at CBRE Hotels Ireland said it follows a busy 2015 where 63 hotel properties totalling €710 million changed hands in the Irish market including two hotel portfolios.
Ms Keogh said transactional activity has remained strong in the first half of 2016 with a further 29 hotel sales totalling more €136 million concluded in the last six month period.
“With as much as €500 million of hotel sales currently in negotiations, we are now expecting annual transaction volumes in this sector to meet, if not exceed, last years record performance,” said Ms Keogh.
Marie Hunt Head of Research, Ireland at CBRE said the volume of hotel sales is considerably higher than at the peak with more hotels sold in the first half of 2016 than in the entire year in 2006.