45 Hotels Sold in the First Nine Months Of 2014
CBRE analysis shows almost €280 million spent on Irish hotels in the year to September. Dublin, 26th September 2014 – According to the latest analysis from property advisor CBRE, excluding hotel investment sales, 45 hotel property sales totalling almost €280 million have been completed in the Irish market in the first nine months of 2014. This compares with a total of 33 hotel sales completed in the country in the entire year in 2013, demonstrating the extent to which the volume of hotel sales and demand for hotel properties has escalated during 2014.
According to CBRE Research, an array of private investors and hotel operators have been active in the market over the first nine months of the year and with the sale of several hotel properties and two hotel portfolios currently in negotiations and expected to close by year-end, a very busy Q4 is in prospect. This will undoubtedly be fuelled by the imminent ending of the Capital Gains Tax(CGT) waiver which is due to be phased out in the forthcoming Budget and which boosted transaction volumes in this sector over the last number of years.
According to Lisa Keogh, a surveyor in the Hotels & Licensed team at CBRE “This is a remarkable turnaround for the hotel sector when you consider that there are more hotel properties being traded in Ireland now than at the peak of the market in 2006. There were only 2 hotels sold in the entire country in 2009 and only 3 the following year in 2010 so this marks a very significant turnaround”.
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CBRE Group, Inc. ((NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.eu
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 130 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie./ni