Hotel transactions were primarily driven by “big ticket” Dublin hotel sales this year as investors, focused on high-quality Dublin hotels, which accounted for two thirds of total transaction activity in 2019.
Major Dublin deals included the €134 million sale of The Marker (which will be rebranded as Ananatara), the €116m sale of the Conrad Dublin, the €50 million sale of Portmarnock Hotel & Golf Links and the €40 million sale of The Central Hotel.
Three of these four transactions involved new capital entering the Irish hotel sector, with Archer Hotel Capital (Conrad), Deutsche Finance International (Central) and Northland Properties from Canada (Portmarnock), all making their first purchases here.
“The average price per key achieved across all Dublin hotel sales in 2019 was an impressive € 400,000. Furthermore, the sale of The Marker achieved a price of just over € 700,000 per key, a new high point in the Dublin hotel market.
Provincial activity was limited in 2019, with most of the transaction volumes concentrated across four sales in Wicklow and Galway.
Wicklow saw Druid’s Glen and Powerscourt change hands, with both being acquired by existing large-scale Irish hotel owners. In Galway, Alanis Capital completed their purchases of the G Hotel and Meyrick Hotel, adding them to a coveted portfolio that now also includes The House Hotel.