REG - Dalata Hotel Group - Signed a New Lease Agreement

Dalata HotelAnnouncement

13/02/2020 07:00

RNS Number : 8125C
Dalata Hotel Group PLC
13 February 2020
 


Dalata Hotel Group Announces 4-Star Hotel at Dublin's Croke Park
Maldron Hotel Croke Park
ISE: DHG              LSE: DAL
 
Dublin, 13 February 2020 | Dalata Hotel Group plc ("Dalata" or "the Company"), the largest hotel operator in Ireland, with a growing presence in the United Kingdom, is pleased to announce that it has signed an agreement for the lease of a new 4-star Maldron hotel to be built adjacent to Croke Park Stadium in central Dublin.
Croke Park is the third largest stadium in Europe with a capacity of 82,300 people with annual visitor numbers in excess of 1.5 million people, attending a wide range of sporting and cultural events, conferences, banquets and meetings within the complex. Furthermore, as part of the strategy for the new hotel development, the Gaelic Athletic Association (GAA) have ambitious plans to invest in and considerably develop the conference and banqueting facilities within the stadium itself.
The hotel, which will be located on the junction of Clonliffe Road and Jones's Road, a mere kick of a ball from the stadium, will also enjoy excellent connectivity to the air, road and rail network, with Drumcondra Train station and Aircoach stop a 7-minute walk from the hotel.  The hotel will also benefit from its proximity to Dublin's city centre, the IFSC and exciting new developments such as the Technological University campus at Grangegorman.
Planning for the hotel is due to be secured in 2020, with the hotel scheduled to open in the second half of 2023. The hotel will have approximately 200 bedrooms, a business centre with 6 meeting rooms, together with bar and restaurant facilities. Dalata will operate the hotel on a 35-year Operating Lease which will be subject to five-year rent reviews linked to the Consumer Price Index.
Dermot Crowley, Deputy CEO - Business Development & Finance, Dalata said:
"The Maldron Hotel Croke Park will be a brand new, 4-star property on the doorstep of one of the largest stadiums in Europe, where further expansion of the successful conference and events centre is planned.
We are very excited to be involved with such an exciting project in an iconic location for Ireland. Dublin continues to be a very attractive hotel market for Dalata and, although there is a strong pipeline of new hotels coming into the city, demand continues to grow off the back of strong economic performance, increased employment and growing visitor numbers.
We are very enthusiastic about the potential of the Maldron Hotel Croke Park and we are looking forward to partnering with the GAA and helping to develop the overall Croke Park facilities for their patrons."
Peter McKenna, Stadium Director at Croke Park, said:
"We are delighted to be working with Dalata, the largest hotel operator in Ireland, to deliver the Maldron Hotel Croke Park to the Dublin market.
The hotel is a vital part of the wider development strategy for the stadium complex and will provide much needed accommodation for GAA fans, conference attendees and museum visitors in the years to come."
 
ENDS
About Dalata
Dalata Hotel Group plc was founded in August 2007 and listed as a plc in March 2014. Dalata has a strategy of owning or leasing its hotels and also has a small number of management contracts. The Group's portfolio now consists of 30 owned hotels, 11 leased hotels and three management contracts with a total of 9,205 bedrooms. In addition to this, the Group is currently developing eleven new hotels and has plans to extend two of its existing hotels, with a total of 2,871 bedrooms due to open over the next three years. This will bring the total number of bedrooms in Dalata to over 12,000. Dalata now has close to 5,000 employees. For the first six months of 2019, Dalata reported revenue of €201.9 million and a profit after tax of €32.7 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




Pat McCann, CEO


investorrelations@dalatahotelgroup.com




Dermot Crowley, Deputy CEO,
Business Development & Finance




Shane Casserly, Corporate Development Director




 




Joint Company Brokers


 




Davy: Anthony Farrell


Tel +353 1 679 6363




Berenberg: Ben Wright


Tel +44 20 3753 3069




 


 




Investor Relations and PR | FTI Consulting


Tel +353 86 401 5250




Melanie Farrell


dalata@fticonsulting.com



 
 




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