Luck of the Irish?: Dublin shows booming hotel construction [Infographic]
Dublin has one of the healthiest project pipelines in all of Europe, according to figures from the TOPHOTELCONSTRUCTION database
The Irish capital is back and booming after being hit hard by the recession a decade ago. Construction had stalled for a number of years, but cranes are scattered across the skyline once again, as the city finds itself out in front in terms of hotel building in Europe.
We see what’s going on in Dublin.
The luck of the Irish
The Irish are known for their strokes of luck, but one wonders how much luck has to do with the recovery of Ireland’s economy, which is back, booming and bigger than ever.
This is great news for the hospitality industry, as the rise of Dublin as a European tech hub has meant an spike in bed nights across the city. A lack of accommodation for both tourists and temporary travelers necessitated the construction of new lodgings, which is still continuing in earnest today.
Independent boutique hotels as well as mid-scale brands such as Premier Inn are beginning to make their mark on Dublin, but there is talk of the city reaching saturation point with hotels, especially considering that Ireland is in the midst of a serious housing crisis.
Project pipeline in Dublin
Ireland currently has 50 hotels under construction, an incredible 36 of which are happening Dublin. Dublin perhaps receives a disproportionate amount of both investment and attention, creating a centralisation within the country that is spurring on rising rents and soaring house prices.
However, this is good news for hotel developers, who can alleviate some of the pressure on the city by adding to the traditionally lacking hotel stock. These 36 projects will bring a new key count of 5,514 new rooms to the Irish capital, with 75% of the properties classed as first class, and the remaining 25% classed as luxury hotels.
A total of 21 projects are currently in the planning stage, lining them up to be opened in the next few years, while 31%, or 11 projects, are currently under construction, and four projects are in the pre-planning stage.
This year and next will see Dublin’s hotel market swell significantly, with a total of 24 projects to open over the next 24 months, 11 and 13 in 2019 and 2020 respectively.
There are 6 projects slated for each of the two consecutive years, and it remains to be seen whether this will satisfy the need for hotels in Ireland, or if more opportunity will present itself, as the small island’s population is set to grow by a further million people by 2040.
Here is a TOPHOTELCONSTRUCTION infographic detailing Dublin’s impressive hotel pipeline.
Let’s take a look at a few other projects currently underway in Dublin:
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