CBRE predicts escalation in pub enforcements this year

Twenty-four hotels were sold here last year, three times the number of hotels sold in 2011, according to CBRE in its Irish Commercial Property Market Outlook 2013, published recently.

The auctioneers also predict “a notable increase in the volume of pub properties being offered for sale over the course of 2013 with the buyers for these properties being predominantly local.

“We believe that fewer hotel properties will go into receivership this year although there is likely to be an escalation in the number of enforcements in the pub sector”.

The sale of a number of pubs in 2012 confirmed that there are active cash buyers and finance-approved buyers ready to invest in the pub sector.

The Outlook concludes, “This year, Ireland will host ‘The Gathering’ event, which Fáilte Ireland expect will boost visitor numbers by as much as 325,000. Dublin hotels will also benefit from Ireland hosting the EU Presidency for the first six months of this year. 2013 will therefore be a very significant year for tourism and in turn the hotel and licensed sector of the economy, with a considerable number of properties expected to be brought to the market over the course of the next 12 months”.