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September 20, 2015

Ireland’s Dalata Hotels to raise €160m for further acquisitions

Irish hotel group Dalata Hotels is set to raise €160m in additional equity in order to support its further acquisitions.

Irish hotel group Dalata Hotels is set to raise €160m in additional equity in order to support its further acquisitions.

The company announced its intention to raise funds alongside its 2015 first half revenue result for the six months ending 30 June 2015.

Dalata Group CEO Pat McCann said: "This underlines our belief that there will continue to be opportunities to acquire well located assets at attractive valuations together with attractive investment opportunities to expand facilities at the hotels that we have already acquired.

"We also see an opportunity to develop new hotels in Dublin where there has been very limited supply of new hotels in the last eight years."

"We also see an opportunity to develop new hotels in Dublin where there has been very limited supply of new hotels in the last eight years."

Dalata Hotel Group currently operates 41 hotels with more than 7,000 rooms in Ireland.

Within these 41 hotels, 17 of the hotels are owned by Dalata, while 11 hotels are operated under lease agreements and the remaining 13 are operated under management agreements.

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The latest report revealed the revenue of the company increased 180% to €97.7m, delivering EBITDA (before one-off items) of €23.6m.

McCann said: "Results for the first half of the year reflect a business that has been transformed by the acquisition of nine Moran Bewley hotels in February 2015 and five additional hotels in the period, in addition to three hotels purchased in the second half of 2014.

"The integration of the acquired hotels is now complete and the Clayton Hotel brand has been successfully launched at ten properties across Ireland and the UK."

Last year, the company raised €256m in equity in an IPO. Dalata is currently planning to sell another 42.7m shares at €3.75 per share, the Irish Times reported.

It will be used to support future acquisitions and also to develop capital expenditure on existing assets, as well as new build opportunities.

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