4,500 new hotel rooms are expected to come on stream in Dublin over the coming years, according to a report from estate agents Savills Ireland.
The bulk of the rooms are expected to be delivered in the current calendar year, the report notes.
Over 2,000 rooms are scheduled to be completed in 2021 followed by 1,600 next year and 800 in 2023.
It marks a 50% increase on the number of rooms delivered between 2018 and 2020, Savills states.
24 new hotels are due to complete in Ireland in the coming years with a number due to open in the capital later in the summer.
They include the Hampton by Hilton Four Courts, Beckett Locke in the North Docklands next to the 3Arena, The Wren - located in the centre of Dublin between Grafton Street and Dame Street - and Keavan's Port Hotel on Camden Street.
The 4-star Holiday Inn Dublin Airport and the Zanzibar Locke were the only two new hotels to open in Dublin since Covid-19 hit Ireland 17 months ago.
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"There is a degree of catch-up due to the construction closedown last year and this year so that's why we're seeing 2,000 rooms opening in the six month period, which is quite a lot of rooms and, obviously, Dublin is very quiet," Tom Barrett, Director of Hotels and Leisure at Savills Ireland explained.
He said that was expected to change now as the resumption of international travel and the return to indoor dining would likely bring business levels back in the coming months.
Mr Barrett said he didn't believe that the Dublin hotel market was in danger of an over-supply of rooms in the long term.
"Dublin had one of the highest occupancies in Europe pre-Covid so we needed extra rooms. Obviously, they're opening at the worst time but it is a short period of time."
He said hotel owners and operators enter the market with a long-term view and that the typical hotel has a lifespan of around 60 years.
Mr Barrett said very few hotels were opting to shutdown or not reopen as the economy gradually gets back on track.
The property group anticipates that hotel occupancy rates for full-year 2021 will grow to around 30%. That's down from around 82% in 2019.
It notes that the hotel market in Dublin has performed in a similar manner to other European cities with occupancy for the first six months of the running at around 20%.
"Locally, people think that Dublin is much quieter than other European cities, but apart from some UK cities, Dublin's performance is much in line with other European capitals," Tom Barrett said.
The occupancy rate in Dublin lagged that of Belfast and Cork in the period where the rate registered at 28% in both cities.
Occupancy was as high as 34% in Liverpool and as low as 10% in Prague.