In the first six months of the year several significant transactions took place in Belfast, some fetching record prices. The market has witnessed purchasers jostling for the best locations.

The hotel industry is continuing to expand, with work almost complete at the new venture by the Galgorm Hotel Group, Ten Square, on Donegall Square, Belfast.

This "boutique" hotel will comprise 23 bedrooms with an up-market restaurant, expected to be one of the largest in Belfast. The hotel is due to open in September.

Elsewhere in the city, at Shaws Bridge, the finishing touches are being put to Diljit Rana's latest creation, the Ramada Hotel.

This luxury four-star hotel, believed to have cost £15 million sterling, will include 120 bedrooms and a 1,000-seat function room. Both of these hotels are a major boost to the tourist industry in the North and add to the variety of accommodation available.

The Balmoral Hotel, Blacks Road, Belfast was purchased in June by prominent hotelier Eugene McKeever of Corrs Corner, Glengormley.

As anticipated, the 44-bedroom complex generated a high level of interest attracting hotel chains from the Republic and Britain wishing to tap into the Northern Ireland market.

Its popularity can be attributed to its excellent position on the outskirts of the city off the M1 and the price achieved, which will remain undisclosed, reflects the strong interest for licensed premises in West Belfast. Mr McKeever is proposing to carry out major refurbishment works to the hotel, concentrating on the function facilities.

In the bar sector, another high- profile property to change hands is the ill-fated three-bar complex, Franklin Gate, Bergman's and The Exchange, in Belfast city centre, which went into administrative receivership in 2000.

The property extends to around 23,000 sq ft and is one of Northern Ireland's largest licensed premises, with three separate bars and a nightclub. Perhaps one of the drawbacks to the sale was the size of the property, which restricted demand.

The new owner of the complex is understood to have fresh ideas to get it up and running again.

The mood of optimism has continued with the sale of two of Belfast's oldest establishments - Kelly's Cellars and Cavanaghs bar off Royal Avenue, sold on behalf of Croft Inns. Some of our other disposals include JR's bar on Donegall Pass, The Pavilion in Newcastle, Rafters in Larne and the White Horse Inn, Carrowdore.

The British pub chain JD Wetherspoons continues to stamp its presence upon Northern Ireland. The latest outlet, which is ready to open after refurbishment, is Chandler's Bar in Carrickfergus, which was sold to the company in February. Rumours are rife about but it is understood that they have agreed to purchase a well-known bar in Newtownards.

There is little doubt that licensed restaurants have performed well. Graffiti Italiano, on the Dublin Road, has just been sold. The business proved to be an attractive proposition with would-be purchasers, reflecting its prominent trading position in the city.

The new owner, a highly regarded Thai chef from London, has exciting plans for the business. I understand that it will re-open in September after refurbishment as an up-market oriental restaurant.

The award winning Harlequin Restaurant, on the Lisburn Road, has been sold to a local businessman and is being re-launched as Zafron. The business has a superb location on one of the busiest stretches of the Lisburn Road.

The significant interest reinforces the Lisburn Road as one of the most sought-after trading positions for restaurateurs wanting a slice of the action.

Further evidence that the restaurant sector continues to perform well has resulted in several other well-known restaurants in the city being agreed for sale including Tedfords at Donegall Quay and Frogities in Shaftesbury Square.

Demand for licences remains steady with prices between £65,000 - During the first six months we have sold 10 licences, four of which were destined for the new Pavilion at the Odyssey Centre in Belfast.

Anyone contemplating selling a licence should be aware that it is imperative the licence is trading and remains to do so during the transfer period, otherwise the value will swiftly diminish.

John Martin is a partner in The Whelan Partnership.