Q1 hotel acquisition spend hits record €500m

More than half a billion euro was spent on hotel acquisitions in the first quarter of the year in the largest quarterly spree ever seen.

Twenty-five properties exchanged hands in the first three months of the year in 17 transactions, according to statistics published yesterday by commercial property consultants CBRE.

The total represents a huge rebound in the hotel sector from the recession, with the closing of Dalata’s €455m acquisition of the majority of the Moran Bewley’s portfolio in January (excluding the Red Cow Hotel in Dublin) contributing the bulk of the total deal value.