Dalata Acquires Hotel La Tour (Birmingham) Ltd

RNS Number : 7853L

Dalata Hotel Group PLC

21 July 2017

 

Dalata Acquires Entire Share Capital of Hotel La Tour (Birmingham) Limited for £31.0m

ISE: DHG                              LSE: DAL

Dublin, 21 July 2017 | Dalata Hotel Group plc ("Dalata" or "the Company") is pleased to announce that it has acquired the entire issued share capital of Hotel La Tour (Birmingham) Limited ("HLTB") for £31.0m (€34.9 million) from Hotel La Tour Limited. HLTB owns the long leasehold (effective freehold) interest of Hotel La Tour ("the Hotel") which is situated on Park Street in the centre of Birmingham.  The consideration is payable from Dalata's existing banking facilities.

Hotel La Tour was newly built in 2012 and has 174 bedrooms, a restaurant, bar as well as extensive conference and meeting facilities. The hotel is superbly located within walking distance of Birmingham New Street Station in the centre of the city. The hotel will be rebranded as a Clayton hotel in the final quarter of this year. EBITDAR attributable to the hotel was circa £1.9m (€2.14 million) for the year ended 31^st March, 2017.

Dermot Crowley, Deputy CEO Business Development and Finance, said: "Hotel La Tour in Birmingham represents an outstanding opportunity to operate a newly built hotel in the centre of one of the largest cities in the UK. The acquisition is consistent with our stated strategy of rolling out both our Maldron and Clayton hotel brands across the larger UK cities. "

ENDS

Contacts

Dalata Hotel Group PLC Dermot Crowley, Deputy CEO Business Development and Finance T: [phone] E: [e-mail]

Investor Relations & Public Relations FTI Consulting Melanie Farrell T: [phone] E: [e-mail]

Joint Company Brokers Davy Anthony Farrell T: [phone] E: [e-mail]

Berenberg Ben Wright T: [phone] E: [e-mail]

About Dalata

Dalata Hotel Group plc is Ireland's largest hotel operator, with a current portfolio of 37 three and four star hotels with over 7,500 rooms. Dalata successfully operate Ireland's two largest hotel brands, the Clayton and the Maldron Hotels across Ireland and the UK, as well as managing a portfolio of partner hotels. 24 of the hotels are owned by Dalata, 9 hotels are operated under lease agreements and 4 are operated under management agreements.

For the full year 2016 Dalata reported revenue of €290.5 million. Dalata is listed on the Main Market of the Irish Stock Exchange (DHG) and the London Stock Exchange (DAL).

For further information visit: www.dalatahotelgroup.com

 

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