A new report from estate agency Cushman & Wakefield has revealed that transaction activity in the Republic of Ireland's hotel market totalled €221 million during the first nine months of 2019 - a figure that is almost three times the total value of transactions for the same period last year.
During the third quarter of 2019, the sales of Dublin's Central Hotel and Co. Westmeath's Glasson Country House Hotel together totalled approximately €49 million, with the former venue being purchased in a joint venture between Deutsche Finance International and BCP Capital for almost €40 million, and the latter venue being purchased by Oakmount for €9 million, as reported by The Irish Times.
Irish Buyers
According to the Cushman & Wakefield report, Irish buyers accounted for 67% of hotel transaction value during the first three quarters of this year. During the same period last year, Irish buyers accounted for just 22% of hotel transaction value.
The Irish Times quotes Cushman & Wakefield's Isobel Horan as saying, "With a strong performance in the past three months, all indicators suggest that overall activity in 2019 will exceed that of the past two years."
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
