80% of Cork hotels changed hands since 2011

80% of Cork hotels changed hands since 2011
The Clayton Hotel on Lapp's Quay, formerly The Clarion, was one of a number of Cork hotels to be sold over the past six years. Picture: Larry Cummins

CORK has the highest turnover of hotel sales in the country with 80% of the city's hotels changing hands since 2011.

Nationally, one-third of Irish hotels have changed hands in the last six years, according to a study from property consultants, Savills Ireland. 

The combined sales value over the five-year period was approximately €2.4bn. 

The River Lee Hotel, the former Clarion Hotel, the Ambassador and The Radisson in Little Hotel were some of the recent high-profile hotel sales in Cork to take place in recent years.

Since 2011, 80% of registered Cork hotels changed hands, followed by 56% of Limerick Hotels and 47% of Dublin hotels.

Tom Barrett, Head of Hotels & Leisure at Savills said compared to other countries, Ireland is unique in terms of the sheer volume of hotel sales in recent years.

Savills said the supply of new hotels in Ireland will remain small in 2017 with approximately 180 new bedrooms to be added as extensions to existing properties and mainly in Dublin. In 2018, they expect a further 1,500 new hotel bedrooms.

In Cork, the Dalata Hotel Group have lodged plans for a hotel on Parnell Place and the South Mall that will be operated under the Maldron brand.

Planning permission was recently turned down by Cork City Council for a hotel on South Terrace.

Carra Shore Ltd had proposed a 146-bedroom hotel on a row of Georgian houses, comprising the protected structures at numbers 31, 32, and 33 South Terrace.

Permission is currently awaited for a floating hotel to be docked at Penrose Quay using a former European river cruise vessel.

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