Watermarque apartments for sale plus#

ADR currently is 15% lower than 2007 prices.ĭrivers for 2016 will be expected growth at Cork Airport, the new CityJet service to London City Airport, new European routes, plus a first transatlantic service to the US/Boston, from May, while the anticipated convention/events centre could add 200,000 bed nights to Cork.Ī dozen Cork hotels either sold or went ‘sale agreed’ towards the end of 2015, at a total €80m, says Mr O’Donoghue, with Savills Hotels & Leisure acting in eight of those. In Cork, “hotels have performed exceptionally well this year, recording occupancy of 80% and an average daily room (ADR) rate of €78, with hotel occupancy now 14% higher than it was at the peak of the market, in 2007,” says Denis O’Donoghue, of Savills. Savills say hotel-assets demand is strong, due to a 14% growth in overseas visitors, Irish GDP growth of 7%, RevPAR (revenue per available room) growth in Dublin of over 20%, and significantly stronger US dollar and UK pound in visitor-source markets, with a weaker euro.īoth CBRE and Savills say that while some Dublin hotels will sell in 2016, the focus there is development of new hotels, and the addition of bedrooms at existing hotels, to meet record demand.

Separately, a number of hotels sold in 2015 as investments, and 40 changed hands as part of loan portfolios. Meanwhile, CBRE this week have closed the sale of the 56-bed Watermarque hotel (not trading) and 24 apartments Cahirsiveen, Kerry, for sub-€1m, to a private investor.

Watermarque apartments for sale