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Ireland’s hotel market is poised to reach new heights in 2024, with a projected €1.2 billion worth of hotels set to change hands, marking a significant upsurge from the €350 million in sales recorded in 2023. According to CBRE research, the hotel sector stands out as the only one in the European property market to have witnessed positive sales growth over the past 12 months, further solidifying its appeal to investors.

Notable transactions, such as the acquisition of the prestigious Shelbourne Hotel in Dublin city centre by European investment group Archer Hotel Capital for around €250 million, have already propelled this year’s sales beyond the €550 million mark. In addition, Lifestyle Hospitality Capital Group, backed by Elliott Investment Management, made a substantial investment in Paddy McKillen Jr’s group, acquiring properties in Dublin, Galway, and Cork, including the iconic Clarence in Dublin and the Devlin in Ranelagh, valuing the group at an enterprise value of €350 million. These major deals have contributed to the thriving hotel market in Ireland.

Furthermore, the purchasing momentum extends beyond the capital, with the sale of the Jacobs Inn near Connolly Station in Dublin to Azora for approximately €30 million, as well as the prospective sale of the G in Galway, where a deal is believed to be imminent at a guided price of €26 million. This fervent activity also includes prominent hotels such as the Morrison Hotel in Dublin city centre, marketed around the €100 million mark by Zetland Capital, reflecting the robust demand in the market.

The allure of Irish hotels as an investment destination stems from their exemplary trading performances, resilient hotel room pricing amidst high inflation, a shift in investment trends away from traditional core sectors, and the undersupply of accommodation across Europe. Additionally, the projected growth in air travel bolsters the appeal of hotel investments in Ireland, making it an enticing prospect for investors seeking promising opportunities in the hospitality sector.

As the Irish hotel market continues to flourish, with properties like the Radisson Blu St Helen’s in south Dublin and the Mount Juliet golf resort in Kilkenny also available for prospective buyers, industry experts foresee a dynamic and buoyant year ahead for hotel sales in Ireland.

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This anticipated surge in hotel transactions not only reflects the resilience and desirability of the Irish hospitality sector but also underlines the country’s enduring appeal as a vibrant and thriving travel destination. With exciting developments on the horizon, Ireland’s hotel market is poised to set new records, offering an exhilarating and promising landscape for both investors and travellers alike.