NEED TO FAST-TRACK HOTEL PROJECTS IN DUBLIN IS CRITICAL - CITY NEEDS 5000 EXTRA ROOMS IN NEXT FIVE YEARS

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Hotels in Dublin city have been experiencing occupancy levels of over 80 per cent, and there is an immediate need for new hotels in prime Dublin city locations

Hotels in Dublin city have been experiencing occupancy levels of over 80 per cent, and there is an immediate need for new hotels in prime Dublin city locations.

The Dublin market has seen a strong rebound in economic activity, with the Dublin hotel market benefiting from a surge in demand, irishtimes.com reported.

Hotels in Dublin city have been experiencing occupancy levels of over 80 per cent, and there is an immediate need for new hotels in prime Dublin city locations.

In the next five years Dublin needs 5,000 additional rooms. However, the construction and development sector is slow to ramp up activity, with planning and funding of these projects the key hurdles.

In terms of funding, the challenge is that the time needed to deliver a hotel from the planning stages through to opening is at least three years, assuming funding is in place. While Dublin has queues of international funds keen to buy established city- centre hotels, as these hotels represent a quality asset class, there is limited funding available for a building project that brings the typical construction risks.

The need to fast-track hotel projects in Dublin city is critical and displacement should not be a concern. The issue is gap funding. While investors seeking to acquire an established hotel are plentiful, a gap exists around the necessary development Capital.

Source: www.irishtimes.com

Read the whole article at www.irishtimes.com/business/commercial-property/need-to-fast-track-hotel-projects-in-dublin-city-is-critical-1.2424108

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