DUBLIN: The average daily rate for a Dublin hotel stay jumped 15 per cent in 2016 and is set to rise by the same again over the next two years, as occupancy levels continue to top the European tables even as 1,000 new bedrooms are developed in the capital, according to a new report. PricewaterhouseCoopers said in its latest annual European cities hotels report, published on Monday, that Dublin hotels had an 82.5 per cent occupancy rate last year, followed by London, at 81.3per cent, and Amsterdam, at 78 per cent. PwC estimates that Dublin, which took joint top position with London in 2015, will lead the list of 17 cities over the next two years.
Irish hotels emerged as a hot spot in the commercial property deals market last year, against the backdrop of rising room rates and lack of new supply, with €850 million of transactions recorded, real-estate agents Savills said recently in a report. Dublin led the way as the former Burlington Hotel was bought by German investment fund Deka for €180 million, while the Gresham Hotel was sold for €91 million to Spanish group Riu Hotels and Resorts, and the Morgan, Beacon and Spencer hotels were sold to a consortium that includes US billionaire John Malone. PwC sees the volume of hotel sales increasing this year.
