PHOTO: Hotel demand remains high in Dublin, Ireland. (Photo via Flickr/Dyn Photo)
Hotel rates in Dublin continue to soar as demand rages on.
According to the Irish Times, the destination's average daily rate (ADR) rose a whopping 15 percent last year and is expected to jump another 15 percent over the course of the next two years as occupancy rates remain high.
In its annual European cities hotels report, PricewaterhouseCoopers (PwC) revealed that it anticipates Dublin to lead London, Amsterdam and other cities in occupancy over the next two years.
The city recorded an 82.5 percent occupancy rate in 2016.
The ADR in Dublin in 2015 was $117, according to PwC, but rose to $128 last year. It's forecast to reach $138 in 2017. However, Dublin still trails ADR leaders in Geneva and Zurich, which had ADRs of $317 and $265, respectively in 2016.
"The number of hotels in Dublin has remained relatively static over the last 10 years, with only five openings since 2007," PwC said in its report via the Times. "With visitor numbers continuing to grow year on year there are ongoing concerns regarding the lack of new supply. It is estimated that Dublin will have up to 300 new bedrooms in 2017 and 700 in 2018."
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Currently, there are 147 registered hotels comprising 18,500 rooms in the Irish capital. While new rooms are in development, they aren't arriving at a fast enough rate to impact demand and occupancy.
PwC Ireland’s hotel and leisure practice senior manager Jennifer Gillen credits the rapid rise to economic growth, improved air access and a jump in visitors.