November 10, 2022

Dublin, November 10th, 2022 CBRE Ireland today confirm the release of their Ireland Hotel Market report for Q3 2022.

Q3 proved to be the Irish hotel market’s strongest quarter for transactional activity since before the pandemic with €160m worth of hotel transactions taking place. Strong occupier demand continues to far outstrip supply in the context of the simultaneous rebound of tourism and business travel, and the State financing emergency accommodation in hotels for over 60,000 Ukrainian refugees due to a lack of available residential stock. These trends in demand have caused significant increases in occupancy and room rates across the country. Against this backdrop of strong occupier demand, the sector has received renewed interest from large institutional investors, with two major deals closing in Q3 including the sale of the 340-bedroom Staycity aparthotel in Dublin 7 to Song Capital and the sale of the Samuel Hotel in Spencer Place as part of Blackstone’s acquisition of the new Salesforce HQ.

Hoels Report_Graph

Head of Hotels at CBRE Ireland, Paul Collins commented, “A strong rebound in occupier demand has driven Ireland’s best quarter for hotel transactions since 2019, with the sector receiving significant attention from institutional investors. Acute supply and demand imbalances will likely remain a feature both in Dublin and across Ireland for the foreseeable future, as intense and growing demand chases scarce existing stock. While 2,700 new beds were delivered to the Dublin market in 2022, we expect to see a slowdown of new hotel construction completions in 2023 and 2024, which may exacerbate these imbalances. As we move through Q4, several notable Irish hotel transactions are set to conclude which have the potential to bring the total volume of transactions towards €500m for the year.”

About CBRE


CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com