Acquisition

RNS Number : 5735X

Dalata Hotel Group PLC

06 May 2016

 

Dalata Hotel Group plc

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

Acquisition of Hotel Site, Beasley Street Cork

Dalata Announces Purchase of part completed hotel development in Cork City Centre

Dublin, 6 May 2016 | Dalata is pleased to announce that it has acquired a part completed hotel property on Beasley Street Cork, for a consideration of €10.2 million. The consideration is payable in cash.

The site, bounded by Beasley St, South Mall and Parnell St, is superbly located in the centre of Cork city. The site was granted planning permission for a 121 bedroom hotel in February 2006, and the hotel commenced construction in 2007, however works ceased shortly after the completion of the structural envelope and the building has remained in a shell and core state since then. Planning had been granted for a double basement, ground floor and four floors above ground building, accommodating a car park, a spa / leisure centre, a reception area, bar, cafe and restaurant and 121 bedrooms.

The Company plans to immediately engage with Cork City Council and secure permission to complete the hotel with facilities consistent with the Maldron brand. The company expect to commence construction by the end of 2016 and the hotel should open in the first half of 2018. The overall investment in the project, including the site purchase, will be in excess of €22 million, creating circa 60 new employee positions when the hotel is operational.

Dermot Crowley, Deputy CEO Business Development and Finance, said: "The Beasley Street site is ideally located in Cork city centre and will be a very welcome addition to our Maldron portfolio of hotels. The Cork hotel market has had a very strong start to 2016 and will continue to benefit from the increased economic activity in the city. This new hotel will be an exciting addition to our portfolio of hotels in Cork city."

Enquiries:

Dalata Hotel Group plc

Dermot Crowley, Deputy CEO Business Development and Finance

Tel: [phone]

Davy

Anthony Farrell

Tel: [phone].

PR & IR

Melanie Farrell, FTI Consulting

Tel: [phone] mobile

 

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