AGM Statement

RNS Number : 5296L

Dalata Hotel Group PLC

28 April 2015

 



28 April 2015

Dalata Hotel Group p.l.c. ("Dalata" or "the Company")

AGM Statement

Dalata Hotel Group plc, Ireland's leading hotel group is holding its AGM today at 11.00 a.m. at the Clyde Court Hotel, Lansdowne Road, Dublin 4, Ireland.

At the AGM, John Hennessy, Chairman of Dalata, will make the following statement:

"This is the Company's first AGM since its IPO and listing on the Irish (ESM) and London (AIM) stock exchanges in March 2014.

The period since our flotation has been transformational for Dalata.  We have now completed the acquisition of eight individual hotels in Belfast, Dublin, Derry, Galway and Wexford for a total consideration of €106 million. In addition, in February 2015, we completed the acquisition of the Moran Bewleys portfolio of nine hotels in Ireland and the UK for €453 million (excluding final working capital adjustments).  We have now invested all the equity raised at our IPO almost a year ahead of schedule, and we have also invested additional equity of €48.6million (net of costs) and debt of €282million raised in February 2015.

The Moran Bewley acquisition significantly increased our position in the Dublin market. Over 55% of the rooms in the portfolio are in Dublin. This Moran Bewley portfolio also gives the Group presence in key UK cities such as London, Manchester and Leeds. We have identified significant opportunities to increase revenues and implement savings through synergies across all the acquired hotels. We are now very actively engaged in integrating them into the Group.

The markets in which we operate were strong in the first quarter of 2015 and the outlook for those markets remains positive.  We are very satisfied with progress on integrating our acquired hotels into the Group.  First quarter trading was ahead of our expectations, an encouraging start to the year."

Enquiries:

Dalata Hotel Group plc	www.dalatahotelgroup.com
Dermot Crowley Deputy CEO Business Development and Finance	Tel: [phone]
Nominated Adviser - Davy
Ronan Godfrey/Brian Ross/Anthony Farrell	Tel: [phone]
Investors, Analysts & Media Queries
FTI Consulting - Jonathan Neilan/Melanie Farrell	Tel: [phone]/3684

 

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