Belfast’s largest hotel group Andras House has acquired the ETAP Hotel in the city for £7.35 million.
The budget hotel on Dublin Road was put up for sale by CBRE in October 2023 with offers sought in excess of £7.175m.
It’s currently leased to Accor UK Business & Leisure Hotels Limited for another 6.5 years.
Andras House, which is owned by the Rana family, has the Crowne Plaza, Hampton by Hilton and Holiday Inn hotels in Belfast in its growing portfolio.
The group also operate two Ibis hotels and are developing the 83-bed Marcus Hotel in Portrush.
Andras House is also planning two major aparthotel projects in Belfast city centre between Bedford Street and Great Victoria Street.
The InterContinental Hotels Group has signed up for 132-unit Staybridge Suites Belfast, due to open in 2027, while Andras is seeking planning approval for a similar development in nearby Dorchester House.
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Belfast City Council is currently assessing the Andras proposal to convert the former HMRC offices into an aparthotel under Accor’s Adagio brand.
Commenting on the ETAP deal, Gavin Elliott, senior director at CBRE Northern Ireland, which also acted as the selling agent, said: “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.
“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.
“This transaction underpins the strong interest we are currently experiencing in the Northern Irish Hotel sector and represents another successful sale by CBRE NI and CBRE Hotels Dublin.”
