Irish hotel group Dalata received approval from its shareholders to raise €160 million to expand its portfolio.
The money is being raised to fund acquisitions, build new hotels and expand its current properties. The money will be raised by issuing new shares.
Dalata previously said it is looking at building new hotels in Dublin, where there is a shortage of hotels, according to reports. Chief executive Pat McCann also said the group is eyeing up current sites that are expected to go on sale soon, including the Clarion Hotel in Sligo and Limerick, the Pillo in Ashbourne, and the Gibson Hotel in Dublin.
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According to the Irish Times, the group will build a number of three- and four-star properties in Dublin under the Maldron and Clayton brands. McCann said it is in talk with "about six or seven sites" and hopes to win one or two of them.
The Gresham on Dublin's O'Connell Street, which is expected to go on sale in the next three to six months, is also a place of interest for the group.
Dalata has been very active in what was a record year for hotel sales in Ireland. Lisa Keogh of CBRE Hotels Ireland said recently: "There is now a scarcity of hotels to satisfy inherent volumes of demand from hoteliers and investors. The need to release more hotel assets for sale to cater for this demand is becoming increasingly apparent.”