According to a recent report by HVS the global hotel and hospitality consultancy, the Dublin hotel market was the second best performing European market by valuation in 2015.
HVS’ hotel valuation index for 2016 shows that the revenue per available room (RevPAR) of Dublin hotels increased by 13.4 per cent in 2015. This came on top of the previous year’s positive performance which also saw values rising by some 13.2 per cent during 2014.
The report shows that the Dublin hotel sector benefited from the second strongest RevPAR increases in Europe in 2015, just behind Madrid which topped the performance table. The HVS report indicates that on the back of “strong interest from investors, a rise in visitor numbers, and the fact the city has a limited pipeline for new properties”, Dublin out-performed other major cities like Athens, Birmingham and Manchester. Compared to Dublin’s double-digit growth, the European average was a mere 3.6 per cent. The report also highlighted the fact that, over the next five years, the city could expect an additional 5,000 rooms to become available in the capital.
The price of an average room in Dublin also showed an increase of some 20%, going up from... Click to continue reading
A former office block on Dublin’s famous O’Connell Street is set to be turned into a 198-bedroom hotel. The latest addition to the hotel sector in the capital will be a Holiday Inn Express which is expected to open early next year. A Northern Ireland building firm, McAleer & Rushe, this week announced it had won the €13.8m contract to work on the hotel project in Dublin city centre.
Martin Magee from McAleer & Rushe said: “McAleer & Rushe’s involvement signals our confidence in Dublin’s resurgence. The works include the complete soft strip of the building, removal of plant rooms and the existing facade, reconfiguration of the internal cores and the construction of an additional floor.” He went on to say that the scheme would “integrate an unloved 1970s office block into the wider contextual fabric of Dublin’s most famous thoroughfare”. The company previously built the W Hotel in London’s Leicester Square.
When completed in the spring of next year, the new hotel will operate under a franchise agreement with Intercontinental Hotels Group (IHG) owner Findlater House Ltd.
In a further sign of improvement in Dublin’s hotel sector, the latest edition of PwCs European Cities... Click to continue reading
Dublin’s popular Sandymount Hotel is nearing completion of the refurbishment work that has been carried out over the winter on 60 of the establishment’s bedrooms. Around a million euro has been invested in the upgrade which is being undertaken to celebrate the fact that the hotel has been in business for 60 years. When it was opened by the Loughran family in 1955 the hotel was called the Mount Herbert. The refurbishment work began in November 2014 and is expected to be completed by the beginning of February 2015. The bedrooms will be completely refitted with a more up-to-date, contemporary style and new bathrooms.
In October last year the Sandymount became the first hotel in Ireland to open a ‘free wee’ library. Hotel representative, Ruth Cooper, says she recently learned about the library idea abroad and wanted to initiate something similar in Dublin.
“We didn’t buy any books, all were donated; some by staff and sometimes books are left behind by guests. Both guests and staff love it, but our next goal is to promote it more amongst local school children and to the wider community,” Ruth explained.
The libraries are spreading, thanks to two organisations: the international littlefreelibrary.org,... Click to continue reading
A recent survey by accountancy firm PricewaterhouseCoopers shows signs that the hotel sector in Dublin is beginning a tentative recovery from the disastrous impact of the global economic crisis. In fact, according to the report, entitled the ‘European Cities Hotels Forecast’, hotel rooms in Dublin recorded the second highest growth in revenue per available room (RevPAR) among 19 European cities last year.
RevPAR is worked out by multiplying the average room rate of a hotel by its occupancy rate. In 2012 Dublin hotels recorded RevPAR growth of some 13.9 per on the back of 11.7 per cent growth in 2011. St Petersburg experienced the highest growth in RevPAR last year with 14.1 per cent, whilst Prague showed 13.1 per cent growth and Paris 9 per cent.
Speaking about the results of the PwC survey, Keith McCormack, director of Visit Dublin said: “These figures are a great reflection of Dublin’s reputation as a leading destination providing value for money and clearly illustrate Dublin’s international attractiveness, particularly with the city outperforming leading world-class destinations such as London and Paris.”
PwC point to several factors that have helped the recovery in occupancy rates since 2011. These include the wide range of events... Click to continue reading
It has been reported that a loan linked to the Moran Hotel Group has been sold by Lloyds Bank to Canyon Capital Advisors, a US investment management firm. The Moran Group owns the Bewley’s hotels in Dublin which are located in Ballsbridge, Leopardstown, Newlands Cross and Dublin Airport as well as the Red Cow Inn in west Dublin. The group also owns hotels in London, Leeds and Manchester. Much of the money owed by the Moran Group is believed to be linked to the takeover of the Bewley’s hotel chain in 2008. The share of the debt held by Lloyds was originally advanced by its Bank of Scotland (Ireland) unit.
Lloyds is selling off its Irish loans after taking, according to Bloomberg News calculations, around £11.8bn in impairment charges on them since the crash in Irish property values began in 2008. The sale of the Moran Group loans continues Lloyds withdrawal from the Irish market. In November last year the landmark, 500-bedroom Burlington Hotel in Dublin, was bought by Blackstone Group, another US-based, global investment and advisory firm. It was reported that the hotel was sold for around €67 million, less than a quarter of the €288 million that was paid by an Irish developer in... Click to continue reading