Belfast-based hotel group, Andras House, has acquired an investment property on Belfast’s Dublin Road that comprises the 146-bedroom ETAP Hotel for £7.35m.
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-bedroom Marcus Hotel that is currently under construction in Portrush.
Gavin Elliott, senior director at CBRE NI, who advised the seller, said: “The ETAP Hotel is well-established on the Dublin Road and is leased to Accor UK Business and 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.”
He added: “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 and Wakefield McCombe Pierce, who advised Andras House, said: “35 Dublin Road is an excellent investment for Andras Hotels and makes a superb addition to the group’s ever-growing portfolio.”