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London Stock Exchange float for Irish hotel group Dalata

03 March 2014 by
London Stock Exchange float for Irish hotel group Dalata

Irish company Dalata Hotel Group is hoping to float on the London Stock Exchange, it has announced.

It is hoped that the move will allow the group to pay down existing debt â€' which in December 2013 stood at €4.1m (£3.4m) â€' as well as acquire between 16-25 hotels as part of its portfolio.

Dalata announced that with improved trading conditions in Ireland, including increased year-on-year occupancy and room rates, and a drop in hotel prices, it believed that the Irish hotel sector could represent an attractive investment.

Chairman of Dalata John Hennessy called the float a strong business opportunity, and said that the capital raised would allow the company to grow and develop.
Pat McCann, chief executive officer of Dalata, said that the company was confident that the move would allow it to grow and improve its portfolio. He added: "International demand is growing steadily across the Irish hotel sector. With that growth available we have the presence and the know how to derive value."

The Group, which also operates the brand Maldron, has 40 hotels in its current portfolio, with 39 in Ireland and one in Cardiff, Wales. The hotels are a mix of owned, leased and managed properties.

Just Opened - Maldron Hotel, Cardiff >>
Irish hotel firm Dalata enters UK with £25m Cardiff opening >>

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