2017 was a strong year for the hotel market, despite it falling short of 2016’s record highs.

As first reported by Fora.ie, deals worth €171M were completed in the three months leading up to December of last year.

Overall €260M was sold throughout the year, which was down from 2016’s figure of €720M, according to Cushman & Wakefield.

But on top of this there were some unconventional hotel sales that were not included in 2017’s figures.

The acquisition of the Jurys Inn hotel chain was one of those unconventional sales when the 37-hotel chain was bought for €800M by Sweden’s Pandox and Israeli group Fattal Hotels.

Hotel refinancing deals, loan sales and suites purchased within hotels were also excluded from 2017’s total because they are not considered single-hotel asset transactions.

The volume of hotel sales was also down in 2017, with 30 hotels changing hands in comparison to approximately 50 deals completed every year from 2014 to 2016.

Research from Cushman & Wakefield said the deals in 2017 were made up of mostly small, single-asset purchases. Nearly 25% of the hotels sold were valued at €1M or less.

The sale of the Gibson Hotel in Eastpoint was the biggest deal of the year. Just across from the 3arena, the four-star hotel was bought by Germany-based asset manager Deka for €87M.

Deka bought the Clayton Hotel Burlington road for €182M in 2016. This sale was the biggest hotel transaction of the year.

Carton House Hotel and Golf Resort in Maynooth, County Kildare was acquired by Irish-American businessman John Mullen for €57M and was the second-biggest deal of the year.

Irish-based investment firm Blackbee Investments bought the four-star Knightsbrook Hotel & Golf Resort in Trim, County Meath for €17.5M.

Mount Wolseley Hotel Spa & Gold Resort in Carlow was bought by Austrian investor Thomas Roggle through his fund Strategic Capital Investment Fund plc.

Rounding off the top deals in 2017, Dublin’s Camden Deluxe Hotel was bought for €8.5M.

Cushman & Wakefield predicts a positive year for the Irish hotel market in 2018.

The agent said the decrease from seven to four years in the capital gains tax exemption holding period for certain assets “should result in a rise in further hotel re-trades”, which would see buyers renegotiating after initially agreeing to pay a higher price.

“Furthermore, the positive outlook for the economy bodes well for increasing tourism numbers, which are set to continue reaching record levels despite any slowdown in U.K. visitors from the weakness in sterling,” Cushman noted.