Outside factors affecting the industry are the global credit crunch, and the weakening of the currencies of the biggest markets: the US and UK. Many hotels are overexposed to high gearing and are in danger of running out of cash. Many are operating with minimum staff while casuals and part-time staff are being let go. Serious cash flow problems are already beginning to affect hotels with access to seasonal finance having almost dried up. The industry is very dependent on the domestic market and changes in spending patterns will have a significant effect. In 2007, 20.8 million guest nights were spent in Irish hotels with 12.7 million derived from the domestic market. There are 925 hotels in the country with more than 60,000 bedrooms - an increase from 27,000 10 years ago and 12 per cent more than last year. Occupancy in the industry dropped from an overall 66 per cent to 61 per cent by the end of September. Already this year there have been some closures and receiverships.įigures from Tourism Ireland released last week show a projected drop in tourism numbers for 2008 of up to 3 per cent, bringing visitor numbers to 8.2 million. Following on the massive increase in hotel numbers over the past 10 years, the market is expected to contract in 2009. THE HOTEL industry is facing the first downturn in business in seven years.
The Quays Health and Wellness Centre, which also caters for local people, is equipped with state of the art facilities including a 16m swimming pool, jacuzzi, gym, treatment rooms and sauna.HOTEL MARKET:Occupancy levels in the industry have dropped from 66 to 61 per cent while the all-important domestic market is expected to contract sharply in 2009 Its banqueting hall can cater for up to 200 people and as a traditional ambience thanks to its location in a refurbished convent building which is adorned with magnificent interiors and original stain glass windows. The historic town was the birth place of the 19th-century patriot Daniel O'Connell and the home town of the Ceann Comhairle and former Justice Minister, John O'Donoghue.įitted to a four star standard, The Watermarque Hotel comes with the Ivy Bar with a traditional shop front and the Watermarque Restaurant. Caherciveen is centrally located on one of Ireland's most famous tourist attractions, the Ring of Kerry and has proven an attractive base for tourists who visit the nearby towns of Killarney, Killorglin and Kenmare.
The hotel occupies a good trading location overlooking Valentia Harbour and beside the town's popular marina. Originally 36 apartments were built in the complex and 12 of those have already been sold off. Each apartment is designed for flexible occupancy and includes two en suite bedrooms with double or twin capacity, an open plan living room incorporating sitting and dining room. This new apartment complex is designed around a courtyard, and includes 24 mainly two bedroom, self-contained apartments. Separately, in Caherciveen, Co Kerry, a price tag of more than €6m has been put on the Watermarque Hotel and apartments on the instructions of the receiver Tom Kavanagh, of Kavanagh Fennell.Īs well as the 56-bedroom boutique hotel, the Watermarque property includes a leisure club and 24 apartments.Ī buyer might recoup the purchase price by selling off the apartments at the current price being quoted for two bedroom units in other developments in the town which are around €260,000. This is a luxuriously appointed 19 bedroom hotel with state-of-the art leisure facilities. Tipperary, Baileys Hotel & Leisure Club on the Main Street, has been put up for sale with a price tag in excess of €4.5m. Two hotels in historic Munster towns have come to the market this week through agents CB Richard Ellis.
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