With a total of 91 hotels and over 5,400 bedrooms in Cork, the hotel market therein is particularly vibrant, according to commercial property services firm CBRE.
The report, titled The Case for Cork, records that a total of 2.8 million international passengers flew in and out of Cork Airport in 2023 – an increase of 25% since 2022, and the busiest year on record for the county.
Cork is Ireland’s second-largest city and historically accounts for up to 20% of the Irish GDP.
Hotel Pipeline
CBRE notes that the hotel development pipeline currently consists of 233 bedrooms and includes a 148-bed Moxy Hotel and a 43-bed Residence Inn by Marriott – both of which are on Camden Quay and due to be completed in 2024.
A 187-bed Premier Inn by Marriott on Morrison’s Quay – Ireland’s first Premier Inn located outside of Dublin – opened in January 2024.
Southern Region
The southern region, which includes Cork, was the region most visited by Irish residents, accounting for over 50% of domestic overnight trips (approximately 2.3 million trips), according to the most recent Household Travel Survey (Q3 2023), conducted by the CSO.
According to Fáilte Ireland, excluding Dublin, Cork is the only county that generates the highest revenue from domestic travel, with an expenditure of €336 million in 2022.
Notable Transactions
CBRE noted that the most noteworthy hotel transaction in 2023 was the sale of the Imperial Hotel and Spa – a four-star hotel with 125 bedrooms that sold for a reported €25 million to the Louis Fitzgerald Group – in Cork’s city centre.
Other notable sales in recent years mentioned in the report include the 2021 sale of the five-star Castlemartyr Hotel to an international private buyer for a price of approximately €20 million.
