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Dalata buy the Clarion Hotel in Cork for €35.1 milllion

By Staff Reporter

Ireland's largest hotels group Dalata has agreed to buy the Clarion Hotel in Cork for €35.1m (£25.7m).

The deal — the largest ever hotel sale in the Cork city market — is expected to complete this month.

Dalata opened the Clayton Hotel in Belfast’s Ormeau Avenue earlier this year and also operates the Maldron Hotel at Belfast International Airport.

Dalata chief executive Pat McCann said the Cork property 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,” he added.

Goodbody analysts estimate the acquisition will add around 3% to full-year 2016 earnings before interest, tax, depreciation and amortisation (EBITDA) forecasts. Following the company’s recent €160m (£117m) equity raise, they estimate Dalata has the capacity to fund up to €250m (£183m) of further investment.

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