Acquisition

RNS Number : 0270C

Dalata Hotel Group PLC

13 October 2015

 



Dalata Hotel Group plc

("Dalata" or the "Company" or the "Group")

Acquisition of Clarion Hotel Cork

The Company is pleased to announce that it has entered into an agreement to acquire the freehold interest in the Clarion Hotel Cork, for a consideration of €35.1 million. It is expected that the transaction will complete in October 2015.

Clarion Hotel Cork is a 4 star hotel located on Lapp's Quay in Cork City centre. The hotel contains 191 bedrooms, a bar and restaurant, a state of the art Leisure Centre, swimming pool, high end spa and extensive conference and meeting facilities. The hotel will continue to be operated by Merzolt Limited t/a Choice Hotel Group under the terms of a 35 year leasehold agreement with a current annual rent of €2.402m per annum subject to upward only rent reviews at five year intervals.

The consideration is payable in cash.

Pat McCann, Chief Executive Officer of the Company, said:

"The Clarion is a superb quality Hotel finished to a very high specification and one of the finest, if not the finest Hotel in Cork City.

The asset generates a high quality and secure rental income stream, underpinned by a highly profitable Hotel operation."

Enquiries:

Dalata Hotel Group plc

Dermot Crowley, Deputy CEO Business Development and Finance

Tel: [phone]

Davy

Anthony Farrell

Tel: [phone]

PR

FTI Consulting

Melanie Farrell, Director, Strategic Communications

[phone] direct

[phone] mobile

 

END

 

 

ACQEAXEAFFKSFFF