Dalata to Add 5,000 Rooms to Portfolio
Hotel group Dalata is expected to add 4,000 or 5,000 rooms to its portfolio over the next five-to-seven years.
The group currently has a portfolio of 7,700 rooms according to The Irish Times. It recently announced a 2015 pre-tax profit of €28.5 million and a 185% jump in revenues to more than €225 million.
Efforts are expected to be concentrated on its UK rooms.
Pat McCann, the CEO and Founder of Dalata, said; "We need to finish out the Irish project, but it is coming to a close". He also said that the group may build up to six new-build hotels in Dublin, including an 181-bedroom property it is planning for a site it recently acquired on Dublin’s Grand Canal.
The company this year completed the purchase of the Tara Towers Hotel in Dublin for €13.2 million, purchased a site in the centre of Dublin for €11.9 million and exchanged contracts to purchase Clarion Hotel Sligo (pictured).
Dalata, founded in June 2007, is the biggest hotel operator in Ireland. It raised €265 million in March 2014 in a listing on the AIM market in London and the ESM in Dublin. It also raised almost €500 million last year in debt and equity.