Dublin On Track For 1,250 New Hotel Rooms In 2018, But It Won't Even Touch The Sides
Dublin’s hotel stock has stood in or around the 19,000-room mark for the last 10 years, but new stock is — slowly — starting to come on stream.
More than 650 rooms have been delivered in Dublin so far in 2018, with another 610 due for completion before the end of the year, according to JLL Director Daniel O’Connor.
Schemes already completed this year include the Iveagh Garden Hotel (152 bedrooms) and the Maldron Hotel Kevin Street (138), as well extensions to the Clayton Hotel Dublin Airport (141 additional rooms), Hilton Garden Inn Dublin Custom House (85), Premier Inn Dublin Airport (58), Trinity City Hotel (43) and the Morgan Hotel (36).
New hotels set to open before the end of the year include the Clayton Hotel Charlemont (178), Aloft Hotel Dublin City (202) and The Devlin in Ranelagh (41).
“Whilst the first meaningful wave of hotel opening in Dublin has commenced in 2018, there remains an undersupply, which is maintaining Dublin’s status as the highest occupancy capital city in Europe,” O’Connor said.
Released earlier this week, the latest Crowe Ireland Hotel Survey indicates that Dublin room occupancy levels increased to 83.5% last year, from 82.3% in 2016. Average room rates in the capital rose by 6.8% to €136.96, while revenue per available room, or RevPAR, was up 8.3% to €114.36.
The figures also show that hotel rooms in the capital generated an average of €72,933 in revenue, up from €66,927 the previous year. Pre-tax profit on each room last year was €22,916, up approximately 11.8% on 2016.
In 2014, meanwhile, room occupancy was 77.2%, the average room rate was €97.25 and RevPAR was €75.08, while revenue per room stood at €52,490 and pre-tax profits were €13,797 per room, according to Crowe.