Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
THE VALUE OF hotel sales could be close to €1bn by the end of the year.
That’s according to property consultants Savills Ireland, who have released their latest latest commentary on the hotel property market.
Yesterday, we had the news that two landmark properties were bought in Galway and Wexford by the Dalata Hotel Group. It spent €31.7m on the deals.
Savills says that an acceleration of activity in the second half of the year has seen the combined value of transactions surpass previous expectations.
There have been over €350m of hotel sales in the first three quarters of this year, with an estimated €173m of hotel assets on the market right now.
Tom Barrett, Head of Hotels & Leisure at Savills Ireland, said that “it looks certain that the value of transactions will be in excess of €500m this year”.
However, that figure could potentially double if, for example, The Moran & Bewleys hotel group – which own 10 hotels in Ireland and the UK (2,627 rooms) – is sold. Either way, 2014 will be a record year for hotel sales in the current market cycle.
Savills said that this uplift in sales could be driven by portfolio sales of hotel assets. This is something that hasn’t been seen in the Irish market for over a decade.
“With NAMA and Ulster Bank looking to accelerate disposals, portfolio sales have become more commonplace,” they said. “Projects Venue, Crystal and Nadal alone will contain almost 20 Irish hotels in portfolio sales and they are attracting a range of buyers including existing hotel owners/operators, new market entrants and institutional investors with a mix of Irish, UK and US interests competing.”
In net terms, almost 20,000 jobs have been created in the tourism industry since Q1 2012.
While several factors have supported this, including the Gathering, the Wild Atlantic Way and the reduced VAT rate on tourism, Savills says the most important factor has been the recovery in the international economy.
Dr John McCartney, Director of Research at Savills, said that growth in the US and UK economies, combined with a weakening euro, has led to a significant increase in the number of visitors coming to Ireland from Britain and North America.
You can read the full report at this link.
To embed this post, copy the code below on your site
When you want to listen to the Radio it’s all, to me about the sound of the broadcasters voice as well as what they say.
From Gay Byrne, Terry Wogan, Larry Gogan who is still a pleasure to listen to
Marianne had the voice and used it very wisely
God Bless
@Patrick O’malley: well said
@Patrick O’malley: unlike Duffy and D’Arcy, God bless them!
@Desmond Lyons: Duffy was/is a poor substitute for Marian on liveline. She was much better than him with people on the more sensitive subjects.
Such a well read broadcaster on any topic she dealt with. She always remained neutral and was never judgmental. I admire the way she kept her private life private. A true professional. It was never about her it was always about the subject. Very slim pickings in RTE for this calibre of journalist left. RIP Marian.
@2thFairy: Sean O’Rourke is easily on a par quality-wise. He the best available now – listen again to his interview with Maria Bailey.
Joe Duffy, Ray D’Arcy and Brendan … from Cork are very tabloid. Brendan can barely speak English. They shouldn’t be on RTE Radio 1.
Of all the interviews she did, for me the most memorable was with her dear friend Nuala O’Faolain and I remember Nuala saying how the impact of her diagnosis had taken all the joy out of her life. These words were to revisit me four years ago this weekend when my lovely Mam passed away from pancreatic cancer and I perfectly understood what Nuala meant and the simplicity of describing the greatest loss. Marian’s loss is immeasurable, not just to her radio family,may she be at peace, such a lovely lady.
@Honeybee: that was an incredibly moving interview.
The weekends will never be the same again – another voice to the past gone – RIP Marian Finucane.
I rarely comment on this eclectic forum. Just want to give a thumbs up to RTE, the ‘ public service’ which it provided for me over the decades. I found my voice, a friend, but my values deepened, in a time when there was no twit’r world , just by listening to her and the many other women….and men (Ger and Gay RIP) who shook us out of a disturbing and century/ies old malaise. It led me to read great books, articles and I have to respond to Justine McCarthy . She was SUPERB this morning on Radio 1. I could visualise the pair of them (and Duncan). A wonderful tribute, Justine.
Deepest sympathies to her loved ones, her RTE colleagues, S.Africa and all those who will find Saturdays and Sundays lesser days now, despite them being weekend days…. will miss her terribly. A rebel.
I walk every day always listening to podcasts of her shows. I encourage everyone to do the same and enjoy her interviews. Nothing comes close. I shall miss her and the country is poorer for her passing.
I will always remember her for the car crash interview with Joe Jacob.
Marian had the skill to get the best and worst out of the people she interviewed.
@ianglen: That was a classic. Jacob was completely out of his depth.
Saturday and especially Sunday morning walks with the dog won’t ever be the same again,Rest in peace Marian you will be missed .
Why did she not do the late late show… Ryan tub is terrible but I am glad he works and contributes to tax…..
I was lucky enough to be in the audience of the 1980 Late Late Show where Marion took the helm. 1980 Ireland was a very different place especially for women. We owe a debt of gratitude to Marion and her colleagues who bravely challenged the Patriarchy everyday and helped make Ireland a much better place. She will be sadly missed on our airways.
have your say