Study finds that a third of hotels in Ireland changed hands in past five years

A third of Irish hotels have changed hands since 2011, according to a study from property consultants, Savills Ireland.

The study found that the combined sales value over the five-year period was around €2.4bn.

The highest number of hotel sales occurred in the cities of Cork, Limerick and Dublin.

    % of hotels sold by city

  • 80% of Cork city hotels
  • 56% of Limerick city hotels
  • 47% of Dublin hotels
  • 33% of Galway city hotels

According to Tom Barrett, Head of Hotels & Leisure at Savills Ireland, compared to other markets, Ireland is unique in terms of the sheer volume of hotel sales in recent years.

Last year, more than €850m of hotels were sold, the second largest year of the period examined.

Major sales include the former Doubletree by Hilton Burlington Road for €182m, the Gresham hotel for €91m, the Temple Bar Hotel for €55m and The Fitzpatrick Lifestyle Portfolio, consisting of the Morgan, Spencer and Beacon for a combined price of €150m.

Outside of Dublin the largest regional transactions included The Radisson Farnham Estate for more than €27m and Lyrath Estate for €23m.

With such an intense level of activity over the past five years, Savills expects the volume of sales to normalise in the coming years.

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