The ETAP Hotel has been sold by CBRE Northern Ireland, together with CBRE Hotels Ireland, to Belfast’s largest hotel group, Andras House, for £7.35 million (€8.59 million).
The hotel has 146 bedrooms and is located on Belfast’s Dublin Road, close to the Belfast Central train station.
The waterfront, Belfast Cathedral and the Titanic Quarter are all within walking distance.
‘Strong Interest’
“The ETAP Hotel is well established on the Dublin Road and is leased to Accor UK Business & Leisure Hotels Limited for a further six and a half years,” said Gavin Elliott, senior director at CBRE Northern Ireland.
“The hotel sector in Northern Ireland continues to be active, with approximately £55 million [€64 million] invested across four sales last year and 2023 occupancy levels reaching mid-70%, therefore surpassing 2019 levels.”
Elliott added, “We expect that 2024 will be an active year for the hotel market, in terms of both investment and occupancy levels.”
Andras House
Andras House is a leading property development and hospitality company based in Belfast, with ten hotel/apartment properties.
The group was established in 1981 and has grown into a multimillion-pound organisation with an extensive portfolio of office, hotel and leisure developments.
The existing portfolio of Andras House includes the Crowne Plaza Belfast, the Hampton by Hilton, the Ibis Coleraine Riverside, the Holiday Inn Belfast City Centre, the Ibis Belfast City Centre, and the 83-bed Marcus Hotel, currently under construction in Portrush.
‘Superb Addition’
“Thirty-five Dublin Road is an excellent investment for Andras Hotels and makes a superb addition to the group’s ever-growing portfolio,” said Robert Toland, partner at Cushman & Wakefield McCombe Pierce, who advised Andras House.
