Dalata to Raise €150M to Fund Hotel Purchases
Ireland's biggest hotel group, Dalata, is to raise €150 million over the next few weeks to expand its hotel portfolio in Ireland.
According to the Sunday Independent, it will raise money money by issuing new shares. The group has already raised €500 million on the Irish Stock Exchange since its IPO last year.
The group responded to reports by acknowledging them and adding that “the board confirms that it keeps all forms of financing under review and will update the market as appropriate”. It is expected to announce its intentions when it produces its half-year results this week.
Dalata has been very active on the market since raising money on the stock market, purchasing the Moran & Bewley's Hotel Group for €455 million and a number of smaller purchases after that. Chief executive Pat McCann (pictured) said at the company's AGM in May that it was "not a company that is going to sit patiently by and watch the opportunities disappear".
It was recently outbid for the Berkeley Court in Ballsbridge, Dublin, which was sold to developer Joe O'Reilly for €170 million.