Ireland: A briefing about Dublin’s hotel market has head that the upsurge in development of aparthotels is the most significant structural change in the city‘s market in many years
The joint briefing was held by business advisory firm Crowe and commercial real estate agents Cushman & Wakefield. Aiden Murphy, partner with Crowe, said that over the next three years, 1,400 aparthotel rooms – almost a third of planned new hotel stock – will be added to Dublin‘s capacity.
“There are certain factors which are helping to drive the aparthotel market in making them both easier to run and more attractive to a growing number of visitors,” said Murphy. “The pricing model from aparthotels, especially for longer-term stays, is particularly attractive to the corporate market. Brexit has also seen executives who are normally UK-based working on Brexit-related projects in the capital and requiring longer stay options, and having an aparthotel suite available for a number of weeks or a number of months meets the needs of this market segment.”
The briefing also heard that hotel transaction activity for the three months to the end of September continued to be strong and 2019 remained on target to be ahead of last year.
“Transactions totalled €220 million and particularly noteworthy in the market is an emerging trend of five-star/luxury products transacting in the current market,” said Isobel Horan, director of Cushman & Wakefield.</p
