Dalata plans €750m expansion
Dalata plans to add a further €750m (£643m) to its portfolio in the medium term.
The Dublin-based hotel group announced the expansion, in addition to its current development and acquisition pipeline, as it reported a lift in half-year revenue and profit.
Group chief executive Dermot Crowley said: “As we open our current pipeline and secure new opportunities, I am confident that we will continue to create further value through the combined strength of our development and operating teams supported by our investment capacity. Our firepower potential provides scope to grow our property assets by €750m in the medium term beyond our currently announced pipeline.”
Dalata plans to add a further €750m (£643m) to its portfolio in the medium term.
The Dublin-based hotel group announced the expansion, in addition to its current development and acquisition pipeline, as it reported a lift in half-year revenue and profit.
Group chief executive Dermot Crowley said: “As we open our current pipeline and secure new opportunities, I am confident that we will continue to create further value through the combined strength of our development and operating teams supported by our investment capacity. Our firepower potential provides scope to grow our property assets by €750m in the medium term beyond our currently announced pipeline.”
Adjusted EBITDA for the six months to the end of June was up 24% to €103.4m, while hotel revenue grew by 29% to €284.8m. RevPar was up 23% to €112.09.
The group’s portfolio comprises 52 three and four-star hotels with 11,239 bedrooms and a pipeline of more than 1,100 bedrooms. It currently has 31 owned hotels, 18 leased hotels and three management contracts.
The value of its portfolio now stands at €1.6bn, following an 11% increase since December. Around 5% of that uplift was from the revaluation of existing properties.
The group’s property value has grown by £500m since its IPO in 2014.
Dalata said its 157-bedroom Maldron Hotel Shoreditch, EC2, will be completed in Q2 2024, while three further leased hotels totalling 677 bedrooms, under construction in Liverpool, Brighton and Manchester, are expected to open in Q2 2024.
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Photo from Dalata
