Belfast aparthotel room2 has been put on the market at a guide price of £21.2m, it was announced on Thursday.
Commercial property agency CBRE NI revealed it had been instructed to sell the property during its annual Outlook event at ICC Belfast.
The nine-storey 175-room hotel opened in October 2023 on Queen Street, and runs on 100% electric and low-carbon renewable energy.
CBRE NI described it as “one of the greenest aparthotels in Northern Europe”.
Room2’s Hometel in Belfast
The Northern Ireland Investment Fund, managed by CBRE Capital Advisors, provided construction finance for the hotel. It was built by Oakland Holdings, led by Belfast-based property developer Gareth Graham.
Brian Lavery, CBRE NI managing director, said the room2 sale followed a “record-breaking” year in the hotel sector.
“With £57m invested across eight sales, the market has set new benchmarks in both transaction volume and trading performance.
“Revenue per available room rose by 8% in the first nine months of 2024 in Belfast and across Northern Ireland, and this is a trend we expect to continue throughout 2025.
“The combined impact of new developments, refurbishments, and key transactions demonstrates the continued growth potential within this sector.
“We have no doubt that room2 Belfast will attract significant attention from parties hoping to invest and do business in Northern Ireland.”
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New hotel brands including Adagio, Staybridge Suites, and Yotel are also set to begin construction in the city.
The theme of the CBRE NI Outlook event on Thursday was Real Estate and the AI Landscape.
Other aspects of the commercial property market were discussed at the event, including the trend of growth in the Belfast office market. It recorded a total take-up of 348,000 sq ft in 2024, representing an increase of 33% compared to 2023.
Demand for prime retail locations remains robust, driven by strong occupier interest, with 2025 holding “promising opportunities for growth and reinvention”.
According to CBRE NI, there had been large-scale interest from retailers and manufacturers in the logistics sector. But conversion rates remained low largely due to a lack of suitable sites and rising build costs.
Room2, Belfast
Total commercial property investment amounted to £118m across 24 transactions, representing a 65% decrease from £338m in 2023.
And it heard that the market for purpose-built student accommodation has still not been exhausted, with 26% of Belfast’s full-time student population relying on “other rented accommodation”.
Global AI and business strategist Elin Hauge addressed the event, talking about the evolving role of AI in modern business.
The event also featured Spencer Levy, CBRE’s global client strategist and senior economic advisor, who provided a forecast of what may lie ahead throughout 2025 and beyond in the wake of the Trump inauguration.
Simon Brown, head of UK office research at CBRE, discussed the relationship between the UK’s macroeconomic environment and Northern Ireland’s property market.
He said: “The Northern Ireland market continues to reflect broader UK trends, with resilience in key sectors.
“As sustainability and innovation remain focal points, Belfast is well-positioned to attract both investment and international attention.”