Belfast's leading hotel group, Andras House, has recently purchased the 146-bedroom ETAP hotel situated on the city's Dublin Road for a total of £7.35 million.
Andras House's current portfolio comprises several notable properties, including the Crowne Plaza Belfast, Ibis Coleraine Riverside, Holiday Inn Belfast City Centre, Ibis Belfast City Centre, and the Marcus Hotel, which boasts 83 beds and is presently under construction in Portrush.
The ETAP hotel is currently leased to Accor UK Business & Leisure Hotels Limited under an agreement with a remaining term of six-and-a-half years.
Gavin Elliott, senior director at CBRE Northern Ireland, who provided counsel to the seller, expressed anticipation that 2024 would be a dynamic year for investment.
'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,' he said.
'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.'
