Northern Ireland hotel group Andras House has expanded its portfolio by acquiring the ETAP Hotel in Belfast city centre for £7.35 million.
Andras House, under the leadership of Rajesh Rana, has added the 146-room ETAP Hotel to its collection, which already includes prominent Belfast hotels such as the Crowne Plaza Belfast, Hampton by Hilton, Holiday Inn, and Ibis. This strategic acquisition further solidifies Andras House’s position in the hospitality sector of Northern Ireland.
Expansion and Investment
The recent acquisition is part of Andras House’s broader expansion and investment strategy. The company is not only focusing on acquisitions but also on developing new properties. Currently, it is in the process of building the Marcus Hotel in Portrush, an 83-bed property, adding to its existing portfolio. Additionally, Andras House already owns the Riverside Hotel in Coleraine.
Transaction Details
The sale of the ETAP Hotel was facilitated by commercial property advisers CBRE Northern Ireland and CBRE Hotels Dublin. Gavin Elliott, senior director at CBRE Northern Ireland, highlighted the stability of the hotel sector in Northern Ireland, with significant investments and increasing occupancy levels. He also emphasized the attractiveness of hotels as secure investment opportunities for both local and international investors.
Andras House’s Vision
Robert Toland, partner at Cushman & Wakefield McCombe Pierce, who advised Andras House on the acquisition, praised the strategic value of the ETAP Hotel deal, stating that it complements Andras Hotels’ existing portfolio exceptionally well. This sentiment underscores Andras House’s vision for growth and consolidation within the hospitality industry.
Conclusion
The acquisition of the ETAP Hotel by Andras House signifies a significant milestone in the company’s expansion journey. With a strong foothold in the Belfast hospitality market and a track record of successful investments, Andras House continues to demonstrate its commitment to providing exceptional hospitality experiences in Northern Ireland.
Q&A Section
Q1: What is the significance of Andras House acquiring the ETAP Hotel in Belfast?
A1: Andras House’s acquisition of the ETAP Hotel demonstrates its commitment to expanding its presence in the hospitality sector of Northern Ireland and strengthening its portfolio with strategic investments.
Q2: How does the acquisition align with Andras House’s broader strategy?
A2: The acquisition aligns with Andras House’s strategy of growth through acquisitions and development. It complements the company’s existing portfolio and contributes to its vision for long-term expansion in the region.
Q3: What does the transaction indicate about the state of the hotel sector in Northern Ireland?
A3: The transaction reflects the stability and attractiveness of the hotel sector in Northern Ireland, with increasing investments and occupancy levels, making it an appealing market for both local and international investors.
