Dalata to grow hotel chain

The Dalata Hotel Group is hoping to use proceeds from its upcoming flotation to expand its property network, either via single asset purchases or the buyout of rival groups’ portfolios.

The group — which ranks as the largest hotel operator in the Irish market, through its three-to-four star Maldron Hotel brand — yesterday confirmed its much speculated intention to take a dual share listing on Dublin’s ESM exchange and the AIM in London later this month.

Saying that it feels Ireland’s hotel sector represents an “attractive investment opportunity”, at present, Dalata is looking to raise between €150m and €200m from the float. That money will go towards buying between 16 and 25 hotels around Ireland, and paying down some of the group’s debt, which stood at €4.1m as of the end of last year.