A new report on the hotel industry suggests that Dublin is experiencing a major shortage in hotel rooms and there is an urgent need for an additional 3,000 rooms to satisfy demand.
The research, which was conducted by professional services firm JLL, claims that a failure to address this supply shortfall could have a significant negative impact on the Irish economy.
The report states that Dublin city is serviced by around 19,000 hotel rooms, with fewer than 300 additional rooms set to come on stream by the end of next year, which will result in a serious shortfall.
, so far in 2015 occupancy levels in hotels in the capital have risen by 4.6% to over 84%, with the average cost of a Dublin hotel room rising 17% on an annual basis to €127.
The JLL report cites a number of factors to be considered to address the urgent issue of Dublin hotel development, such as shortage of suitable development sites, lengthy planning processes, and a lack of competitive development finance.