Dalata Secures €455m Moran & Bewley's Business
Published on Dec 18 2014 2:31 PM in Hotel
Dalata Hotel Group has acquired the Moran & Bewley's Hotel Group's portfolio of nine hotels across Ireland and the UK.
Dalata, which is already the biggest hotel group in the country, will seek shareholder approval in early January to seal the deal reported to be worth €455 million.
The group will also reportedly repay in the region €280 million of debt on Moran & Bewley’s books.
Dalata, which operates under the Maldron brand, has conditionally agreed to acquire Moran & Bewley's four hotels in Dublin, two in London, and one in each of Cork, Leeds and Manchester comprising 2,506 rooms, which employs around 1000 staff.
Part of the deal will see Tom Moran and his family retain the Red Cow Moran Hotel in south-west Dublin for an estimated €8 million from Dalanta.
Dalata chief executive Pat McCann (pictured) said, "The acquisition of the Moran & Bewley's Hotel Group is a transformational development for Dalata, it is a business we have admired for a long time and the acquisition is a rare opportunity to acquire a large well invested portfolio of hotels."