146-bed hotel acquired by Belfast’s largest group for £7.35million
Andras House acquires Belfast’s Etap Hotel investment
A prominent investment property on Belfast’s Dublin Road, comprising the 146 bed ETAP Hotel, has been sold by CBRE Northern Ireland together with CBRE Hotels Dublin to Belfast’s largest hotel group, Andras House for £7.35 million.
The group’s existing portfolio includes Crowne Plaza Belfast, Hampton by Hilton, Ibis Coleraine Riverside, Holiday Inn Belfast City Centre, Ibis Belfast City Centre and the 83 bed Marcus Hotel currently under construction in Portrush.
Gavin Elliott, senior director at CBRE Northern Ireland, who advised the seller, said: "The ETAP Hotel is well-established on the Dublin Road and is leased to Accor UK Business & Leisure Hotels Limited for a further 6.5 years.
“The hotel sector in Northern Ireland continues to be active with circa. £55m invested across four sales last year and 2023 occupancy levels reaching mid-70%, therefore surpassing 2019 levels.
"We expect that 2024 will be an active year for the hotel market in terms of both investment and occupancy levels.
“Summer 2023 also saw overall revenue per room exceed 2019 levels, and by almost 50% underpinning hotels as a secure, low-risk attractive investment opportunity for both local and international investors.
“This transaction underpins the strong interest we are currently experiencing in the Northern Irish Hotel sector and represents another successful sale by CBRE NI and CBRE Hotels Dublin.”
Robert Toland, partner at Cushman & Wakefield McCombe Pierce, who advised Andras House, added: “35 Dublin Road is an excellent investment for Andras Hotels and makes a superb addition to the Group’s ever-growing portfolio.