Andras House acquires Belfast's ETAP hotel for £7.35m
Belfast's largest hotel group Andras House has acquired the 146-bedroom ETAP hotel on the city's Dublin Road for £7.35m.
Andras House's existing portfolio includes Crowne Plaza Belfast; Ibis Coleraine Riverside; Holiday Inn Belfast City Centre; Ibis Belfast City Centre; and the 83 bed Marcus Hotel currently under construction in Portrush.
The ETAP hotel is leased to Accor UK Business & Leisure Hotels Limited in a deal that has six-and-a-half years to run.
Gavin Elliott, senior director at CBRE Northern Ireland, who advised the seller said he expected 2024 to be an active 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."
