REG - Dalata Hotel Group - Acquisition <Origin Href="QuoteRef">DHG.I</Origin>

Dalata HotelAnnouncement

05/01/2016 12:42

RNS Number : 0270C
Dalata Hotel Group PLC
13 October 2015
Dalata Hotel Group plc
("Dalata" or the "Company" or the "Group")
Acquisition of Clarion Hotel Cork
The Company is pleased to announce that it has entered into an agreement to acquire the freehold interest in the Clarion Hotel Cork, for a consideration of 35.1 million. It is expected that the transaction will complete in October 2015.
Clarion Hotel Cork is a 4 star hotel located on Lapp's Quay in Cork City centre. The hotel contains 191 bedrooms, a bar and restaurant, a state of the art Leisure Centre, swimming pool, high end spa and extensive conference and meeting facilities. The hotel will continue to be operated by Merzolt Limited t/a Choice Hotel Group under the terms of a 35 year leasehold agreement with a current annual rent of 2.402m per annum subject to upward only rent reviews at five year intervals.
The consideration is payable in cash. 
Pat McCann, Chief Executive Officer of the Company, said:
"The Clarion is a superb quality Hotel finished to a very high specification and one of the finest, if not the finest Hotel in Cork City. 
The asset generates a high quality and secure rental income stream, underpinned by a highly profitable Hotel operation." 
Enquiries:
Dalata Hotel Group plc
Dermot Crowley, Deputy CEO Business Development and Finance
Tel: +353 (0)1 206 9400
Davy
Anthony Farrell
Tel: +353 (0)1 679 7788
PR
FTI Consulting
Melanie Farrell, Director, Strategic Communications
+353 (0)1 66 33 683 direct
+353 (0)86 401 5250 mobile

This information is provided by RNS
The company news service from the London Stock Exchange
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