Dalata has emerged as the favourite to acquire the Moran & Bewley's hotel chain.
The chain was put up for sale following an approach by Dalata earlier this year. A select number of buyers were invited to bid for the chain, which was valued at €450 million by estate agent Jones Lang LaSalle.
The buyers were narrowed down to Dalata, Starwood Captital Group and Marathon Asset Management. According to the Irish Times, these three were invited to submit their final bids last week and Dalata emerged as the preferred bidder.
The Moran & Bewley's chain entered a debt restructuring agreement last year. The chain consists of 10 hotels and is expected to have revenues of over €100 million this year.
Dalata has grown into Ireland's largest hotel operator, owning or operating 39 hotels. The group recorded revenues of €35 million for the first half of the year and is currently on an acquisition spree.
Dalata is expected to finalise the deal to buy the Moran & Bewley's chain in the coming weeks.