REG-Dalata Hotel Group PLC Dalata Hotel Group PLC: Purchase of new London Hotel

Dalata HotelAnnouncement

02/06/2023 07:15

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   Dalata Hotel Group PLC (DAL,DHG)
   Dalata Hotel Group PLC: Purchase of new London Hotel

   02-Jun-2023 / 07:00 GMT/BST

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      Dalata Hotel Group announces purchase of Apex Hotel London Wall for

                                 £53.4 million

                 Hotel will be the Group’s 5th Hotel in London

                                        

                                        

                               ISE: DHG  LSE: DAL

    

   Dublin, London, 2nd June  2023| Dalata Hotel Group  plc (“Dalata” or  “the
   Company”) is  pleased  to announce  that  it has  exchanged  contracts  to
   acquire the long leasehold  interest of the Apex  Hotel London Wall  (“the
   Hotel” or “the Property”),  for consideration and a  gross asset value  of
   £53.4 million (€62.2 million) from  Apex Hotels Limited (“Apex”),  subject
   to standard contractual conditions and approvals.

   Apex owns the  long leasehold interest,  with 107 years  remaining on  the
   lease, of the Hotel situated at 7-9 Copthall Ave, London EC2R 7NJ, in  the
   heart of  the City  of  London. The  consideration  will be  payable  from
   Dalata’s existing facilities and the  transaction is expected to  complete
   in early July 2023.

   The existing  Property is  an  Upper Upscale  Hotel, with  full  four-star
   facilities consisting of 89 bedrooms and suites, a gym, ground floor lobby
   and a contemporary restaurant and  bar. The Hotel is conveniently  located
   less than  10  minutes’ walk  from  Moorgate, Bank  and  Liverpool  Street
   Stations which have  extensive National Rail,  London Underground and  bus
   services, providing excellent  connectivity across  London. The  Property,
   with expected EBITDAR of approximately £4.5 million in 2024, will  require
   minimal initial investment and, on  completion of the transaction,  Dalata
   will rebrand the Hotel as Clayton Hotel London Wall.

   The acquisition of this going concern in a prime London location,  further
   demonstrates Dalata’s ability to increase its footprint in London, a major
   global hub for  both business  and tourism. This  latest acquisition  will
   bring the total  number of  Dalata bedrooms in  London to  877 keys,  once
   Maldron  Hotel  Finsbury  Park  opens  in  June  2023  and  Maldron  Hotel
   Shoreditch opens in 2024.

   Dermot Crowley, CEO of Dalata Hotel Group plc, said: “London is one of the
   world’s great cities.  Securing existing  hotels or sites  to develop  new
   hotels is  very challenging  as a  result.  I am  delighted that  we  have
   managed to secure two  new hotels in  the city in the  space of just  four
   months. It  demonstrates  our  ability  to re-invest  the  funds  that  we
   generate from our existing  hotels. We look forward  to welcoming our  new
   colleagues into the Dalata family.”

    

   Shane Casserly, Corporate  Development Director, Dalata  Hotel Group  plc,
   said: “To have acquired such an  attractive existing London hotel, in  the
   current market, that will allow us to further expand the Clayton brand, is
   a fantastic achievement for the business. London remains a key development
   market for us and we remain  focused on securing future opportunities  for
   the portfolio.”

                                        

                                      ENDS

                                        

                                        

   About Dalata

   Dalata Hotel Group plc was founded in  August 2007 and listed as a plc  in
   March 2014. Dalata  is Ireland’s  largest hotel operator,  with a  growing
   presence in the UK and continental Europe. The Group’s portfolio comprises
   50 three and  four-star hotels with  10,953 rooms and  a pipeline of  over
   1,400 rooms. The Group currently has 29 owned hotels, 18 leased hotels and
   three management  contracts. Dalata  successfully operates  Ireland’s  two
   largest hotel brands,  the Clayton and  the Maldron Hotels.  For the  year
   ended 31 December 2022,  Dalata reported revenue of  €558.3 million and  a
   profit after tax of €96.7 million. Dalata is listed on the Main Market  of
   Euronext Dublin (DHG)  and the  London Stock Exchange  (DAL). For  further
   information visit: www.dalatahotelgroup.com

   Contacts

   Dalata Hotel Group plc              Tel +353 1 206 9400
   Dermot Crowley, CEO                 investorrelations@dalatahotelgroup.com
   Shane Casserly, Corporate Development Director

   Carol Phelan, CFO
    Graham White, Head of Investor Relations
    
   Joint Company Brokers                
   Davy: Anthony Farrell               Tel +353 1 679 6363
   Berenberg: Ben Wright               Tel +44 20 3753 3069
                                        
   Investor Relations  and  PR  |  FTI Tel +353 86 401 5250
   Consulting
   Melanie Farrell                     dalata@fticonsulting.com

    

                                        

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          IE00BJMZDW83, IE00BJMZDW83
   Category Code: PFU
   TIDM:          DAL,DHG
   LEI Code:      635400L2CWET7ONOBJ04
   Sequence No.:  248026
   EQS News ID:   1647727


    
   End of Announcement EQS News Service

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