Almost 1,000 hotel rooms were delivered in Dublin last year
A property firm has reported that more than 1,300 new hotel rooms were delivered in 21 Irish hotels in the country last year.
Cushman & Wakefield also reported that nearly 1,000 of these were built in 13 hotels in Dublin where occupancy levels and average room rates continue to rise, they said.
Of the 21 hotels completed during 2018, six were new builds.
At the end of December, a total of 3,882 hotel rooms were under construction across the country, a 70% rise on 2017 levels, with the majority, 87%, in Dublin.
Isobel Horan, Associate Director, Trading Assets, Cushman & Wakefield, said: “There is still a large volume of national and overseas capital seeking investment in Irish hotels, particularly demand from Irish buyers has grown. However, options were limited in 2018. We do envisage an uplift in transaction levels for 2019.”
Since Brexit, a weaker sterling has been a huge worry for the Irish hotel industry as the exchange rate not only makes Ireland more expensive for UK visitors, but also makes the UK cheaper for visitors from other markets.
