Hotel & Restaurant Sector

€583m was exchanged across 20 hotel transactions in Ireland in 2019

Hospitality Ireland – 04.02.2020

According to new data from global commercial real estate services company Cushman & Wakefield, €583 million was exchanged across 20 hotel transactions in Ireland last year. This made 2019 the year with the second highest recorded value of hotel sales. 71% of the value of last year's sales was concentrated in the Dublin area, while the east and midlands region accounted for 22% of the value. Overseas buyers accounted for 77% of the money that was exchanged during hotel transactions last year.

Smurfit sells K Club

Hospitalityenews.ie – 06.02.2020

Dr. Michael Smurfit has completed the sale of the K Club golf resort to nursing homes operator Michael Fetherston, in a deal believed to be worth between €65 million and €70 million. Mr Smurfit, former chairman of the Smurfit Kappa packaging group, said it is the “end of an era”, as he handed over formal control of the five-star hotel and two golf courses to Mr Fetherston, who operates TLC nursing homes group. The K Club has struggled to generate a financial return for Mr Smurfit, accounts for Bishopscourt Investments show sales at the resort slipped by 7 per cent to about €17.5 million in 2018 resulting in a loss for the year of €3.7 million.

British operator picks up €500m contract to run Dublin Airport outlets

The Irish Times – 05.02.2020

British multinational food operator SSP has won a 10-year contract worth about €500 million to operate food and beverage brands in Dublin Airport.  Under the deal with SSP, 24 separate brands will enter the airport, including Brody Sweeney’s Camile Thai, Offbeat Donuts, Cloud Picker Coffee, Bretzel Bakery and 3fe coffee. It is understood that brand changes across all outlets will come on a rolling basis, with the contract to cover both air-side and land-side areas.