Dalata To Buy Two Dublin City Centre Hotels
Published on Jun 4 2014 9:01 AM in Hotel
The Dalata Hotel Group has agreed to buy two hotels in Dublin city center. The group, which was placed on the Irish stock exchange in March, will pay €15.3 million for the acquisition of the Maldron Hotel on Parnell Square, Dublin 1, and the Pearse Hotel, Dublin 2. The deal for the former will finalise in August. It is a three-star hotel equipped with 126 rooms and two conference rooms. The deal for the the latter is expected to be completed within the next three months, and includes annexed office and retail properties. Facilities at the Pearse Hotel include 101 en-suite bedrooms, a bar/restaurant, and five conference rooms. The adjoined retail and office properties cover 392.7 square metres. Revenue earned by the Pearse Hotel in 2013 were €0.7 million. The Dalata Group are planning to an extensive refurbishment operation for it, which will entail a name-change to the Maldron Hotel Pearse Street, and an upscaling from its three-start status to a four-star one.