Hotel transactions amounted to €600m in 2017, new analysis by estate agents Savills show.

2017 was a relatively quiet year compared to last year, when €850m of deals were secured.

Deals actually topped €1 billion in 2015.

Since 2012, Savills said that €3 billion has changed hands in hotel sales.

Notable sales this year included the Gibson Hotel in Dublin's Docklands which was bought by German based Dekabank for over €87m, while US businessman John Mullen picked up Carton House Hotel for €57m.

The data also showed that Ireland's largest hotel operator, Dalata Hotel Group, remained active in 2017, spending over €80m buying the majority of the Clayton Cardiff Lane and Clayton Liffey Valley hotels.

Savills noted that a number of new buyers emerged in the market in 2017, such as Swedish hotel group, Pandox and US businessman, John Mullen. 

However, repeat buyers were most active, with iNua, Dalata, Thomas Röggla, Dekabank and MHL all adding to their Irish hotels portfolio.

Savills expect the Irish hotel market to remain active next year and beyond. 

Tom Barrett, Director of Hotels & Leisure, said that Dublin remains one of the best performing cities in Europe in terms of occupancy, which will continue to attract attention from both hotel operators and investors.

"Looking ahead to 2018, we expect to see further re-trades in a stabilising trading environment, following years of exceptional growth. In addition, the emergence of new hotels next year will also create interesting investment opportunities," he said. 

"So overall, the outlook for the market is very positive," Mr Barrett added.