Dalata narrows losses by €100m
Dalata’s revenue has risen by 40% as it narrows its loss from €111m (£93m) to just €11m.
The Ireland-based hotel group said its results for the year ended 31 December 2021, published this morning (1 March), were a “sizeable achievement” considering the coronavirus restrictions that closed its doors for the first half of the year.
However, the firm still has a long way to go to return to pre-pandemic performance, when it raked in profit of €90m on revenue of €492m.
Dalata’s revenue has risen by 40% as it narrows its loss from €111m (£93m) to just €11m.
The Ireland-based hotel group said its results for the year ended 31 December 2021, published this morning (1 March), were a “sizeable achievement” considering the coronavirus restrictions that closed its doors for the first half of the year.
However, the firm still has a long way to go to return to pre-pandemic performance, when it raked in profit of €90m on revenue of €492m.
Dalata said it was now well-positioned for the recovery in demand and was eager to focus on its 2,000-room development pipeline, which will see its UK portfolio overtake its Dublin holdings by 2025.
Dalata opened two hotels in Manchester earlier this year, totalling 607 rooms, and is opening four more hotels in Bristol, Glasgow and Dublin. It added that the construction of Maldron Hotel Shoreditch in London was progressing well and is expected to open in the second half of 2023.
It plans to open four more hotels in 2024 in Dublin, Brighton, Liverpool and Manchester. A further three hotels are at the pre-construction phase, while construction began on the Maldron Hotel Brighton last month.
Group chief executive Dermot Crowley said: “Regional UK and London remains our primary focus for growth at this time. However, we are also looking at large European cities that fit our model.”
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