Ireland’s hotel sector rose to almost €200m in Q1

By James Wallace - Monday, April 09, 2018 14:04

Transaction volumes for the Ireland hotel sector reached just shy of €200m in the first quarter of 2018, according to CBRE Ireland, almost half the volume recorded in the sector for the entire year in 2017.

Hotel transactions that completed in Q1 include:

• The sale of the McWilliam Park Hotel in Claremorris, Co. Mayo;

• The sale of Citywest Hotel in Dublin;

• The sale of the Hilton Garden Inn Dublin Custom House as part of the Amaris portfolio;

• The sale of the Radisson Blu Hotel in Sligo

Lisa Keogh from the hotels team at CBRE Ireland, said “Although there were only 4 hotel sales completed in the Irish market in the first three months of 2018, the overall spend was very healthy with almost €199m transacted in the three-month period.

“Following a year in which transactional activity in the hotel sector was constrained by a shortage of product, particularly in the Dublin market, we expect to see significant improvement in this situation in 2018 with several high-profile hotel properties expected to be offered for sale (both on and off market) over the next few months.

“Some of these sales will have been fast-tracked by Capital Gains Tax Waiver scheme changes announced in last Autumn’s Budget, whereby assets purchased after 2011, that originally had to be held for a seven-year period in order to trigger a capital gains tax waiver, can now be sold after a four-year hold period”.

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

 

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