Blistering Q1 Sets Hotels Up For Predicted Strong Sales Year
Hotels are blowing away already-high expectations in 2018. Research from CBRE Ireland shows Q1 hotel sales are smashing predictions that the sector could be one of the busiest this year.
Four hotel sales totalling almost €199M transacted in the Irish market through the end of March, which equates to almost half the volume of spend recorded in this sector all of last year.
1. Citywest Hotel, Dublin
The most significant transaction finalised in Q1 was Pimco's sale of the country's largest hotel to Tertrach Capital.
The company already had a stake in the hotel but with a €60M loan from Starwood, it took full ownership earlier this year.
It was originally developed by the late businessman Jim Mansfield and has 764 bedrooms, an 18-hole golf course and a convention centre.
2. McWilliam Park Hotel, Mayo
The four-star hotel sold for €9M in January. The 103-bedroom hotel was built in 2006 for €20M by Claremorris Tourism and MOPB Developments, the owners and operators led by local accountant Damian Prendergast and backed by Menolly Homes' Seamus Ross, Shelbourne Developments' Garrett Kelleher and Lioncourt Capital's David Andrews and Michael Tunney, among others. The sale was handled by JLL, which was in examiner-ship since 2016.
3. Hilton Garden Inn, Dublin
U.S.-based private equity fund Lone Star sold the Hilton Garden Inn on Dublin’s Custom House Quay as part of Amaris Hospitality's portfolio to Israeli-backed LRC Group for €676M in February.
4. Radisson Blu, Sligo
The 132-bedroom hotel was bought by iNua hospitality this month for €16M. The group also owns Muckross Park hotel in Killarney.
