Savills: Supply of new Irish hotel rooms likely to remain limited

Value of hotel transactions in Ireland fell 30% last year to €350m as the hike in global interest rates hit hard, says property adviser

Dublin's average hotel room price rose to €180, 27% higher that before the covid pandemic. Picture: iStock

The value of hotel transactions in Ireland fell 30% last year to €350m as the hike in global interest rates hit hard, and the supply of new rooms will likely be limited for some time, with a share of Dublin hotel accommodation remaining contracted to the State, property adviser Savills has said.

Its annual survey also confirmed that emergency accommodation contracted by the Government accounted for 12% of all hotel rooms in the Republic, with Ukrainian refugees accounting for most of the contracted rooms outside Dublin, and asylum seekers and homeless people accounting for most of the contracted rooms in the capital.