Dalata, the hotel operator run by Pat McCann, is reportedly planning a stock market floatation within the next couple of months
The Sunday Times said the company, which is backed by Davy Private Clients and Trinity Venture Capital (TVC), is looking to raise more than €100 million to seize opportunities in the hotel market. Davy is handling the planned flotation.
In a statement to the stock exchange, the investment holding company, which also counts UTV Media and banking software provider CR2 among its investments, said that it “continues to look for value-enhancing investments and to manage our existing portfolio in order to maximise value for all our shareholders”.
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Dalata, the country’s biggest hotel operator, runs 34 hotels in Ireland and the UK, with more than 5,300 bedrooms and about 3,400 employees.
McCann invested €1 million in setting up Dalata in 2007, after he left Jurys Doyle. TVC invested €10 million and private clients attached to Davy contributed €20.5 million.
© 2014 - Hospitality Ireland Magazine by Enda Dowling