Hotel articles

Dalata Buys Wexford Hotel

Dalata has agreed terms to buy the Maldron Hotel in Wexford in a deal worth more than €3.5m.
 According to Dalata, the hotel, which has recently completed a full refurbishment, contains 108 bedrooms, a bar and restaurant, a state-of-the-art leisure centre and four conference rooms. Dalata has operated the hotel since August 2007 under the terms of a 33-year leasehold agreement with a current annual rent of €300,000 per annum subject to upward only rent reviews at five-year intervals. The next rent review is due in January 2019.
 
It is expected that the transaction will complete in April.
 
 

Ballsbridge Hotels for Market

The two Ballsbridge hotels bought by developer Sean Dunne at the peak of the property boom in 2005 for €380 million are to be offered for sale on the international market in the coming weeks.
Initial valuations suggest that the former Berkeley Court and Jurys properties, now known as the Clyde Court and Ballsbridge hotels, are likely to sell for between €120 and €150 million. Savills and the US company Eastdil Secured will be handling the sale.
 
The 6.8-acre site, once one of Ireland’s most expensive properties, is almost certain to be redeveloped for expensive apartments and a hotel as well as a leisure centre, restaurant and bar, cafes and a healthcare facility.
 

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K Club Grows Revenue

Revenues at the five-star K Club hotel and golf resort in Kildare, rose 10 per cent last year to about €13 million as the economic recovery and increasing numbers of overseas visitors boosted business.
The K Club was “operationally breakeven” in 2013, its chief executive and general manager Michael Davern said yesterday. 
 The resort is undertaking a €20 million expansion, that includes an additional 70 bedrooms, the conversion of a former spa into a 25,000sq ft conference centre and a second bar. “
The extension will be completed in August and ready for use in September, bringing the number of bedrooms to 138.
 
 
 
 

Dublin Hotel Revenue Soars

Dublin recorded the fastest increase in hotel transactions and revenue per room of seven European cities in 2014, according to a report by Savills. A survey of hotel markets in seven European cities by Savills, ranked Dublin first in terms of growth in the amount of revenue hoteliers raised per available room (RevPAR). RevPAR growth is calculated by multiplying a hotel’s average room rate by its occupancy rate. RevPAR growth of 11.3 per cent was achieved in Dublin hotels in 2014. The next best performing city was Madrid with 10.2 per cent RevPAR growth. This was followed by Amsterdam and Berlin, with the major tourist capitals of London, Rome and Paris showing much lower rates of growth. Savills director of hotels Tom Barrett said Ireland’s hotel market has benefitted significantly from an increasing number of overseas visitors – particularly from the US and UK.

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