The value of hotel sales in Ireland could be close to €1bn by the end of the year, according to property consultants, Savills Ireland.
In its latest commentary on the hotel property market, Savills reports that an acceleration of activity in the second half of the year has seen the combined value of transactions surpass previous expectations.
“At this point, it looks certain that the value of transactions will be in excess of €500m this year,” said Tom Barrett, head of hotels and leisure at Savills Ireland.
“However, that figure could potentially double if, for example, The Moran & Bewleys hotel group – which own 10 hotels in Ireland and the UK [with 2,627 rooms] – is sold. Either way, 2014 will be a record year for hotel sales in the current market cycle.”