- Hotel sales treble in 9 months to September
- Figures boosted by hotel sales
Ireland saw 12 hotel transactions totalling €263m in the nine months to the end of September 2018, according to property consultants CBRE Ireland. A further €17.5m hotel investment was completed in recent weeks.
MD Enda Luddy and head of research Marie Hunt of CBRE
This compares to 23 hotel transactions totalling approximately €87m completed in the first nine months of 2017.
Figures were boosted by four large sales contracted in the first quarter led by the sale of Ireland’s largest hotel, the 798-bed Citywest Hotel in Saggart by US private equity giant Pimco to Michael McElligott’s Tetrarch Capital for €60m, Hilton Garden Inn Dublin Custom House as part of the €676m Amaris portfolio, Radisson Blu Hotel in Sligo and McWilliam Park Hotel in Claremorris, Co Mayo.
Lisa Keogh of CBRE’s hotels team said “we expect to see significant improvement in this situation in 2018 with several high-profile hotel properties expected to be offered for sale over the next few months. Some of these sales will have been fast-tracked by capital gains tax waiver scheme changes announced in last year’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.”
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