Dalata to tap investors for fresh capital
Hotel operator Dalata is planning a fresh equity raising to let it strike new leasing deals and continue work on its latest London property.
The accelerated bookbuild, overseen by bookrunners Davy and Berenberg, is part of a strategy to ensure the company is in “a strong financial position to take advantage of market opportunities arising from the effects of the Covid-19 dislocation in its local markets”.
Part of the placing will be used to finance the company’s Maldron Hotel in London’s Shoreditch.
Hotel operator Dalata is planning a fresh equity raising to let it strike new leasing deals and continue work on its latest London property.
The accelerated bookbuild, overseen by bookrunners Davy and Berenberg, is part of a strategy to ensure the company is in “a strong financial position to take advantage of market opportunities arising from the effects of the Covid-19 dislocation in its local markets”.
Part of the placing will be used to finance the company’s Maldron Hotel in London’s Shoreditch.
Chef executive Pat McCann said: “We could never have foreseen the extent of the challenges we now face with Covid-19 but we have always approached the management of our balance sheet in a way that ensured we would be ready for the inevitable ups and downs in our industry, including shocks, and yet position it for ongoing growth and opportunity.”
In Dalata’s results for the six months to 30 June, announced today, the company posted a pretax loss of almost €71m (£63m). Since the half-year point, the company has also struck deals to lease two new hotels, in Brighton and Manchester, bringing its total rooms in the pipeline to almost 3,300.
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