According to a leading estate agency, international investors from the UK, North and South America and China have spent €170m snapping up 21 Irish hotels to date, including the Jurys Inn in Dublin City Centre, The River Lee Hotel in Cork, and the five star Ashford Castle in Mayo.
The expiry of the Capital Gains tax waiver on December 31 2013 will see many more Irish hotels being snapped up between now and then according to Tom Barrett, head of hotels and leisure at Savills Ireland.
Savill's Hotel Market Activity report, released this week, predicts over €300m worth of transactions are expected to take place.
“A large portion of hotels being sold are receivership sales. These hotels are now coming to the market at a faster pace and with realistic asking prices. As a result of this and the stronger level of demand for hotel properties, hotels are being sold in a timely manner," said Barrett.
