Irish hotel investment company iNua Hospitality has said that increased competition in the Dublin hotel market means there is little value in purchasing property there.
Noel Creedon of iNua said the company had no plans to purchase property in the capital, despite gathering €20 million in funds to purchase new properties this year.
The group recently finalised the purchase of Kilkenny Hibernian Hotel (pictured) for €7.25 million and have spent €32 million on property this year. In January, it snapped up Muckross Park Hotel, the former business venture of Bill Cullen and Jackie Lavin.
Creedon was speaking at the hotel industry briefing by Crowe Horwath/DTZ, where he maintained there is still great value outside of Dublin, the Irish Independent reports.
The comments made echo what many in the industry have been saying in recent months about the lack of opportunities in the Dublin hotel market, due to foreign investors and competition from office and retail developments.
