Market Data

International Beat

Dublin’s Big Deal

Dublin’s largest hotel was sold out of receivership for €67 million, or about $87 million, to the Blackstone Group, which owns the Hilton brand, among others. The Burlington Hotel sold for about one-fifth of what developer Bernard McNamara paid for it in 2007 — €288 million. Despite the bargain price, the sale was Ireland’s biggest hotel deal since its economy collapsed in 2008, according to the Irish Independent, and seen as a sign of its recovering tourist market. Blackstone plans to spend $20 million refurbishing the 500-room hotel and branding it as a Doubletree.

Markets to Watch

  • With a young population expanding the workforce, Latin America’s consumer demand is growing and driving retail growth. A burgeoning middle class makes up 60 percent of the population commanding 40 percent of the region’s total purchasing power, according to CBRE. Almost 33 million sf of shopping center development is underway, as grocery, luxury, and fashion brands target this area. On average, Latin American countries have less than 1 sf of retail space per person, compared with the U.S., which has 23 sf per person.
  • While cautious developers kept Poland’s 2012 supply of new retail space recording the lowest deliveries since 2004, nearly twice as much space is expected to come online this year, according to Jones Lang LaSalle. Sixteen new shopping centers opened last year with 25 planned for this year. Two new formats, convenience centers and outlet malls, expanded into the Polish market last year.

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