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Room to buy hotels

AUCTIONEERS Christie and Co expect to see well-priced opportunities in hotel sales in 2013.

The company said that there is a high level of hotel-related debt on lenders' books at the moment and Ireland has entered a phase where a reshuffle of hotel ownership, strategy, branding and pricing is taking place.

"Today, many will argue that Ireland's hotel market is at the helm of the bank's strategies, with some banks taking a short-term view as they proceed with debt recovery plans," said Maureen Doyle, director and location manager for Christie and Co Ireland.

The most significant transactions include the sale of the Morrison for €22m and the Grand Canal Hotel and apartments for €30m. These transactions, along with the sale of the Four Seasons in 2011, and the Burlington Hotel for €67m, all point to an appetite amongst international investors, Ms Doyle said.