TOURISTS OPTING FOR STUDENT HOUSES IN CORK DURING SUMMER MONTHS

The latest report by property agents CBRE shows that hotels in Cork city are being affected by the growth in purpose-built student accommodation, with a surge in summer letting offers of apartments to tourists. Commenting on the report, CBRE Executive Director and Head of Research, Marie Hunt said: “The hotel market in Cork is becoming more competitive with additional new supply due to come on stream this year, including The Dean.” She added that Cork’s hotel sector experienced a slight deterioration in trading performance in 2019 but added that this is in the context of a record performance the previous year. “There are approximately 1,250 new hotel rooms in planning in Cork at present, albeit not all of these will come on stream in the short to medium term,” she said, mentioning The Dean and The Windsor by MacCurtain Street and Kent Rail Station, as well as one planned for Morrisons Island, to be run by Premier Inns. “Both occupancy and RevPAR have also been affected by summer rentals of purpose-built student accommodation which has come on stream in the city in recent years,” she said.