2026爱尔兰酒店市场

MARKETREPORT|IRISHHOTELMARKETINOV2026

30,000Rooms,aNewFive-Star,theRyderCupBoostandanEvolvingCityCentre

E189m

84.7%

€178

3,505

5.00%

6.00%

TransactionVolumes

DublinHotelOccupancy

DublinAverageDailyRate

KeysUnderConstruction

PrimeLeased

5-starVP

Q1-Q32026

YTD(Sept-26)*

YTD(Sept-26)*

Dublin

Yield

Yield

Note:Arrowsindicatechangefrompreviousperiod:*Source:CoStar

Highlights

-Irishhoteltransactionvolumesreached€1.4bnonarolling12-monthbasistotheendofQ32026,morethandoublethe10-yearannualaverage(624m),butjust€189mhastradedintheyear-to-date(YTD).

-Dublinoccupancyisbroadlyflatat84.7%YTDtoSeptember,andwhileADRisnominallyup1.3%to€177.79,IrishCPIisrunningat+3.3%overthesameninemonthperiod,sorateincreasesareactuallylowerthangeneralinflation.

-Dublinhotelstockisoncoursetobreach30,000bedroomsforthefirsttime,with3,505keysunderconstructionandduetoopenby2028.Budgetandmidscaleproductwillaccountfor44%ofdelivery,andtheopeningoftheSofitelinQ12027willmarkthefirstnewfive-starhoteltoopeninDublinsinceTheMarkerin2013.

-Dublincitycentrecontinuestoshifttowardliving-ledrealestate.Agrowingnumberofhotelschemesintheplanningpipelineinvolveconvertingformerofficeandretailbuildings,asownerslooktorepurposesecondaryspaceandtakeadvantageofstronghoteldemand.

-PrimeDublinleasedyieldsarenow5.00%,stilloneofthesharpestinEuropereflectingstrongfundamentals,andinlinewithParisandMadrid.

FIGURE1:HotelTransactionVolumes

Milion

€2,000E1,600

E1,200

800

400

€0

201920202021

TransactionVolumes

202220232024DalataHotelGroupSale

20252026Q1-Q3

Source:CBREResearch;*Includestradingandinvestmenttransactions

CBRERESEARCH◎2026CBREAdvisory(IRL)Limited

REPORT|IRISHHOTELMARKET|NOV2026

2CBRERESEARCH©2026CBREAdvisory(IRL)Limited

TransactionalActivity

TheaccommodationsectorsarewheredeveloperfocusisstrongestinDublinatpresent,withmostcitycentredevelopmentactivitynowdirectedathotels,hostelsandstudentaccommodation.However,nationalhoteltransactionvolumesintheyeartodatedonotimmediatelyreflectthatfocus,withjust€189mofstandinghotelassetstradedinthefirstthreequartersoftheyear,across12transactions,arunratewellbelowthe10-yearannualaverageof€624mfortheIrishmarket.

Thepicturechangesmateriallyonarolling12-monthbasis,whichcapturesthelandmarkacquisitionoftheDalataHotelGroupportfolio,completedinQ42025.Transactionvolumeforthe12monthstotheendofQ32026reachedapproximately€1.4bnacross20deals.TheDalataportfolio,spanningIreland,theUKandcontinentalEurope,transactedfor€1.4bnexcludingdebt(€1.7bnincludingdebt),withtheIrishassetsaccountingforthemajority.

DealAnalysis&BuyerPool

Thelargestdealof2026todateisthesaleoftheCrownePlazaandHolidayInnExpressDublinAirport,atNorthwoodinSantry.Thetwoprimarilyairport-servinghotelsweresoldbyTifco/ApollotoMHLHotelCollectionforapproximately€100m.Tifco/Apolloacquiredbothhotelsin2018aspartofthe19-hotelProjectTridentportfolio,whichtradedforover€300m.

Theprofileofbuyersinthelast12monthsisassimilarasever,pocketsofinstitutionalcapital,butalsoestablishedhotelgroupsalongwithfamilyowneroperatorsandhighnetworthindividuals.

OutlookfortheYear

Theoutlookfortheremainderof2026ispositive,withanumberofnotableassetscurrentlyonthemarket.ShouldthelargeDublintransactionscompletebeforeyearend,2026volumeswillincreasemateriallyfromtheircurrentYTDposition.

Thefundamentalsunderpinningthemarketremainsound.Dublinhotelscontinuetotradeathighoccupancylevels,withADRlevelsandinvestorconfidenceremainingstrong.Agrowingdevelopmentpipeline,withapproximately3,505bedroomsduetodeliverbetween2026and2028,isexpectedtogenerateincreasedtransactionalactivityasnewlycompletedassetscometomarket.

FIGURE2:NotableIrishHotelTransactions2026

Hotel

Location

Rooms

Approx.Price

Purchaser

CrownePlaza&HolidayInnExpressDublin,Santry

Dublin9

423

~€100m

MHLHotelCollection

HiltonDublinAirport

Dublin17

179

€26m

TravailHospitality

PilloHotel

Meath

156

€24.5m

Private

RadissonBluLetterkenny

Donegal

114

P&C

TMRCollection

InternationalHotelKillarney

Kerry

98

€22m

Private

Source:CBRE

FIGURE3:IrishHotelsCurrentlyontheMarket

Hotel

Location

Bedrooms

GuidePrice

CitizenMStPatricks

Dublin8

245

PortfoliosaleincludingParisandGlasgowhotels

TheConrad

Dublin2

192

POA

TheMorrison

Dublin1

157

€90m+

KnightsbrookHotel

Meath

159

€25m

MountFalconEstate

Mayo

32

€10m+

Source:CBRE

REPORT|IRISHHOTELMARKET|NOV2026

3CBRERESEARCH©2026CBREAdvisory(IRL)Limited

TradingPerformance

VisitornumberstoIrelandhaveproveddifficulttoanalysein2026,withadegreeofdivergencebetweenofficialCSOinboundtraveldataandtheon-the-groundexperiencereportedbyhoteliersandITICmembers.Similardiscrepancieswereobservedin2025,whenCSOdataindicatedvisitornumbersweredownwhileoperatorsreportednosuchdecline.ThisyearinJune,whenCSOdatapointedtoanincreaseinvisitorsthatwasnotreflectedinITICmemberfeedback.

TradingPerformance:ResilientOccupancy,NuanceinRealReturns

AccordingtodatafromCoStar,Dublinhotelsrecordedoccupancyof84.7%intheYTDtoSeptember2026,broadlyinlinewiththeprioryear(+0.2pp).ADRgrew1.3%to€177.79,drivingRevPARof€150.50,up1.5%.Notably,however,ADRgrowthtoSeptemberof1.3%forDublinactuallylagsIrishCPIinflationof+3.3%overthesametimeframe.

GeopoliticalBackdrop,NorthAmericanTravellers,andIreland’snewUSP:theWeather

Thebroadereconomiccontextfor2026hasbeenchallenging.Geopoliticalinstability,includingtheoutbreakofconflictinIran,combinedwithrisingoilpricesandongoingcost-of-livingpressuresweighedonthetravellingmarket,particularlyintheearliermonthsoftheyear.Arecoverywasevidentthroughthesummer,consistentwithseasonalnormsandimprovingconsumersentiment,andthisisreflectedinCoStarandITICdata.Onbalance,visitornumbersandoccupancyhavebeenbroadlyflatyear-on-yeartoSeptemberinbothDublinandCork.

NorthAmericanvisitorsremainthemoststrategicallyimportantinboundmarketforIrishtourism,accountingfor30%ofarrivalsinJuly2026pertheCSO,andgenerating44%ofalltouristexpenditure.YTDtoJuly,overseasvisitorsreached3.9million,up13%onthesameperiodin2025andbroadlyinlinewith2024levels,suggestingthemarkethasnormalisedratherthansoftened.ThemodestdeclineinNorthAmericanvisitornumbersinAugusthasbeenattributedtolessUSdemandforthisyear’sCollegeFootballClassicfixture,whichdrewanestimated5,000additionalvisitorsintheprioryear.

Irelandalsocontinuestobenefitfromgrowingappealasacooler-climatealternativetoSouthernEurope,atrendthatgainedtractionfollowingamuchwarmersummeracrossthecontinent.ThisfactorisbeingincreasinglycitedasakeysellingpointforbothAmericanandEuropeantravellers.

FIGURE4:Occupancy,RevPAR&ADRYear-to-DatetoSeptember

City

OccupancyYTDSept-

26

Annual

Change

ADR

YTDSept-

26

Annual%

Change

RevPAR

YTDSept-

26

Annual%

Change

Dublin

84.7%

+0.2pp

€177.79

+1.3%

€150.50

+1.5%

Cork

77.2%

-0.4pp

€165.58

+2.2%

€127.85

+1.7%

Belfast

77.0%

+0.7pp

£112.83

-0.2%

£86.92

+0.7%

Source:CoStar

FIGURE5:NorthAmericanVisitorstoIreland–NumberofOvernightTrips

200

180

160

(000)

140

120

100

80

60

40

20

0

JanMarMayJulSeptNovJanMarMayJulSeptNovJanMarMayJulSeptNovJanMarMayJul23232323232324242424242425252525252526262626

CanadaUnitedStates

Source:CSO

REPORT|IRISHHOTELMARKET|NOV2026

4CBRERESEARCH©2026CBREAdvisory(IRL)Limited

Supply&Planning

Dublin'shoteldevelopmentpipelineremainsoneofthemostactiveinEurope,withCBREtrackingapproximately3,505bedroomsduetodeliverbetween2026and2028,implyinganincreaseintotalDublinroomstockofapproximately12%onthecurrentbaseofapproximately28,000keys.

Atanestimateddevelopmentcostof€250kto€350kperkey,thecommittedpipelinerepresentsagrossdevelopmentcostofbetween€0.9bnand€1.2bn,asignificantvoteofconfidenceinthelong-termfundamentalsoftheDublinmarket.

SofitelLeadsaLandmarkYearforNewSupply

ThemostsignificantopeninganticipatedinQ12027istheSofitelatDublinAirport,whichwillmarkthefirstnewfive-starhoteltoopeninDublinsince2013.TheJuly,anAmsterdam-basedaparthoteloperatorformerlyknownasCityID,isduetoopenitsfirstIrishpropertyonCapelStreetinQ4thisyear.Thisreflectsabroadertrendofaparthotelproductgainingtractionasadistinctassetclassinthecapital.Aparthotelsaccountfor15%oftotalpipelinesupplyto2028(513bedrooms).Budgetandmidscaleproductcontinuestodominateat44%,and2027isthepeakdeliveryyearat2,418bedrooms,or69%ofthetotalpipeline.

DevelopmentLevyAddingtoConstructionCosts

DublinCityCouncildoubledthedevelopmentcontributiononnewhotels,touristhostelsandaparthotelsto€244persqmwitheffectfrom1July2026,twicetherateappliedtomostothercommercialdevelopment.Thishasbecomeanincreasinglysignificantcostconsiderationforhoteldevelopers,withtheleviesapplyingtothesubstantialvolumeofnewhotelconstructionnowunderwayacrossthecity.Thisaddstoanalreadychallengingdevelopmentcostenvironment,withconstructioninflation,financingcostsandplanningriskremainaconsistentchallengefordevelopers,particularlyformid-marketschemesoutsideestablishedcorelocations.

Theplanningenvironmentremainsmixed.AnumberofapplicationshavebeenrefusedonfootoftheDublinCityDevelopmentPlan2022-2028policyaimedatpreventingtheoverconcentrationofhotelsinthecitycentre.Againstthis,theIRFULansdowneQuarterdevelopment,comprisinga257-bedroomhoteland77residentialunitsrepresentoneofthemostsignificanthospitality-ledmixed-usepre-planningopportunitiestocometomarketinrecentyears.

FIGURE6:DublinHotelRoomPipeline–UnderConstruction

No.ofBedrooms

3,000

2,500

2,000

1,500

1,000

500

0

Openingin2026Openingin2027Openingin2028

Aparthotel

BudgetandMidscale

Luxury

TBC

UpscaleandUpperUpscale

Source:CBRE

FIGURE7:NotableHotelOpenings2026&2027

Hotel

Location

Rooms

Year

SofitelDublin

DublinAirport

412

2027

Home2SuitesbyHilton

Dublin1

290

2026

CourtyardbyMarriott,AbbeySt

Dublin1

252

2027

ResidenceInn,AbbeySt

Dublin1

222

2027

MaldronHotelatCrokePark

Dublin3

200

2026

TheJuly(Aparthotel)

Dublin1

105

2026

Source:CBRE

REPORT|IRISHHOTELMARKET|NOV2026

5CBRERESEARCH©2026CBREAdvisory(IRL)Limited

HotelDemandCase

UtilitarianNatureofDublinHotels

SowhatmakesDublinhotelssoappealingthatsophisticatedinvestorsarewillingtodeployoverabillioneuroonasingleportfolio?Onepoint,maderecentlybyawell-knownindustryfigure,issometimesoverlooked.Dublinhotelsareutilitarianinnature.Theysitnearstadia,conventioncentres,airportsandtransporthubs.Thecityiscompactenoughthatalmosteveryhoteliswithinreachofthelandmarkdemandgenerators.

RecentopeningsliketheMoxyinEastWallareperformingstronglydespitesittingoutsidethetraditionalcitycore,drivenbyproximitytothe3ArenaandCrokePark.InDublin,locationriskislowerthanmanycitiesinEurope.OneofthereasonswhyprimeDublinhotelsyieldsareamongthesharpestinEurope.

RyderCup2027–Ireland’sBiggestEverSportingEvent

TheNFLDublingameweekendinSeptember2025wasoneofthemostprofitablenightsofthelastdecadeforDublinhotels,withADRsignificantlyrisingacrosshoteltypes.TheRyderCup,settobehostedinSeptember2027inAdareManorinLimerickwillsupersedethisintermsofsize,withover250,000well-heeledspectatorsexpectedtoattend.

Limerickandsouthwesthotelswillbenefitmost,butitwillalsohavetrickledowneffectsfortheDublinmarkettooasvisitorscombinegolfwithcitytrips.Ireland'sgolftourismhasbeengrowingstrongly,andtheeventshouldsupportfurtherdemand.

HotelConversionsandtheEvolutionofDublinCityCentre

CBREResearchpreviouslyidentifiedhowthecompositionofDublincitycentrerealestatewouldcontinuetofundamentallyshift,withlivingsectoruses,hotels,residentialandstudentaccommodation,displacingsomeofficeorretailuseinthecorecity.Overthelasttenyears,inthetraditionalDublin1area,atleastfivepropertiesthatwerepreviouslyinofficeorcommercialusehavebeendemolished,convertedorrepositionedashotels.WhiletherearecurrentlyfiveformerofficesintheplanningsystemwithplanstorepositioneitherofficeorretailassetsinDublin.

FIGURE8:EuropeanHotelYields*

7.5%

6.5%

6.0%

5.5%

5.0%

4.5%

4.0%

3.5%

3.0%

7.0%

6.00

6.15

5.70

5.50

5.50

5.75

5.00

5.00

5.00

5.00

5.25

5.25

4.50

4.70

UKDenmark

Ireland

France

Spain

Germany

Netherlands

PrimeLeasedYieldPrimeVPYield

Source:CBRE;*Reflectsprimecapitalcitymarketforeachcountry

FIGURE9:NotableDublinHotelConversions&Rebuilds

Name&FormerUse

CurrentUse

Address

Bedrooms

TelephoneHouse/

MarlboroughHouse|Office

Home2SuitesbyHiltonDublinCityCentre|Hotel

43-46Marlborough

Street,D1

290

TwilfitHouse|Office

PremierInnDublinJervisStreet|Hotel

JervisStreet/AbbeyStreetUpper,D1

219

FindlaterHouse|Office

HolidayInnExpressDublinCityCentre|Hotel

28-32O'ConnellStreetUpper,D1

198

SackvilleHouse|Office

MoxyHotelDublinCityCentre|

Hotel

SackvillePlace,D1

158

Source:CBRE

REPORTIIRISHHOTELMARKETINOV2026

Figure10:MountFalconEstate,Co.Mayo

CBREIrelandContacts

PaulCollins

ExecutiveDirector

HeadofHotelsInvestmentUK&l

paul.collins@

AlexandraSheeranDirector

HotelsInvestment

alexandrasheeran@

AnnMarieO'ByrneSeniorDirector

HeadofHotelValuations

annmarieobyrne@

ColinRichardson

SeniorDirector

Head