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HVS In-Depth Europe Hotel Valuation Index:   2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001

Dublin is the capital city of Ireland and serves as the country’s economic hub. The city has a population of more than 1.3 million people, making it the largest city in Ireland and the third-largest city in the British Isles. The economy of Dublin is diverse and dynamic, with a mix of industries such as technology, finance, tourism, and life sciences. The city is home to the European headquarters of many large multinational companies, including Google, Facebook, Microsoft and Pfizer, which have contributed to the city’s economic growth in recent years. Despite its economic success, Dublin faces several challenges, including housing affordability, infrastructure issues, and a potential talent shortage in the technology sector. However, the city’s strong economic foundations and diverse range of industries are expected to help it weather these challenges and continue to grow in the years to come.

Demand for hotels was negligible across 2020 owing to the pandemic. With overseas visitors typically accounting for up to 80% of Dublin’s tourism mix, performance dropped substantially in the year. In 2021, the city’s visitation improved from the summer onwards, although the yearly RevPAR level still remained low compared to pre-pandemic levels. However, in 2022 the city’s occupancy and average rate exploded and surpassed the 2019 RevPAR levels every month from April onwards. The performance for the year marked a record-breaking average rate which helped in achieving a historically high RevPAR, surpassing the 2019 levels by more than 5.0%.

Dublin’s lack of hotel supply was somewhat of an issue until 2017, when more than 3,000 rooms were built to address this perceived shortfall across mainly the select-service and lifestyle brands including Hard Rock, Moxy and Aloft. Currently, some 3,000 rooms are in the pipeline, which represents around 12% of the city’s current supply. Interestingly, independent hotels represent the majority of the new supply with only one branded hotel in the pipeline: the 247-room CitizenM Dublin, which is planned to open in Q1 2024.

The most notable transactions in Dublin in 2022 include the sale of the 340-room Staycity Aparthotels Dublin City Centre for around €240,000 per key and the forward sale of the 151-room Premier Inn Newmarket Yards, which is set to open later this year (€235,000 per key).

Overall, hotel values in Dublin increased by 10% in 2022, as recorded in our 2023 European Hotel Valuation Index. A balanced mix of demand drivers led to a swift recovery as the pandemic receded and a record-breaking year in terms of hotel performance boosted the already high attractiveness of the hotels in the city.

ADR, Demand, Occupancy, RevPAR, and Supply Projections:

ADR Change
Market Demand Change
Hotel Occupancy Increase/Decrease
RevPAR Change	0.0%	0.0%
Market Supply Growth

Change In Value For Market: (€Euro)

Dublin RevPAR Change (€Euro)

Dublin RevPAR (€Euro)

For more information, please contact:

Sophie Perret, MRICS, MBA Managing Director [email protected] +44 0 2078787722 (w) +44 0 7725781037 (m)