Hotel sales this year set to top €500m

The combined value of hotel sales is set to top €500m this year, and could exceed €1bn depending on certain sales being completed before year-end.

In an update on the sector, Savills Ireland has said that the second half of 2014 has seen an acceleration in hotel transaction activity and that the Irish tourism sector is set to further benefit from the growing British and US economies.

According to Tom Barrett, head of Savills Ireland’s hotels and leisure department: “At this point, it looks certain that the value of transactions will be in excess of €500m this year.