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sales booked

Hotel sales are up by €84 million this year

And it’s supposed to grow even more as the year progresses…

HOTEL SALES VOLUMES are nearly three times higher after the first half of this year than for the same period in 2013.

New analysis on the sector released by CBRE Ireland shows that transactions worth €132 million were completed in the last six months, compared to €48 million last year.

While the scale of the sales bonanza has not hit the heights of 2006, when deals worth more than €1 billion were completed, CBRE Research said that the strong first half performance will continue into the second half of the year.

CBRE head of research Marie Hunt said: “This is a volume that’s going to increase significantly in the latter half of this year as more portfolio sales come to the market.”

The estate agent said that the market has still been largely dominated by domestic players, with local operators accounting for 75% of the hotel spend during the period.

Overseas investors, with purchasers from the US, UK and China prominent, accounted for 21% of the sales volume.

The hotels that were sold were spread around the country, with 64% of sales in regional locations, and Cork accounting for 25% of the spend in the first half of the year.

Headline deals completed so far this year include the €15 million sale of the Doonbeg Hotel in County Clare, the €30 million deal for the Hilton in Dublin’s Charlemont Place and the €15 million sale of the Clarion Dublin Airport.

Read: Done deal – Mount Juliet resort sold to private equity player for €15 million>

Read: Nama is selling the biggest-ever portfolio of Dublin apartments for €160 million>

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