Dalata to refurbish Tara Towers after buying hotel
Published 17/12/2015 | 02:30
The Tara Towers Hotel in south Dublin is in line for a multi-million euro refit after Dalata bought the business.
In a stock exchange announcement, Dalata said it has agreed terms to buy the hotel for €13.12m.
The acquisition, first revealed by the 'Sunday Independent', will close in January if all goes according to plan.
The three-star hotel, one of the best known suburban hotels in the city, sits on Merrion Road in Dublin 4. The property is adjacent to the Elm Park Urban Campus.
The hotel includes 111 ensuite bedrooms, bar, restaurant, car park and meeting or event facilities. The total size of the site is 1.46 acres. The hotel had been in need of refurbishment for some time, and its desirable location had led to suggestions that a buyer could knock it down and construct a new property.
Dalata however plans to invest €4.5m to upgrade its facilities. It will be improved to a four-star hotel and trade under Dalata's "Maldron" brand.
It is expected to make a profit of around €475,000 this year.
Dalata deputy chief executive for business development and finance Dermot Crowley commented: "The Tara Towers Hotel is a very well located hotel in Dublin 4 that fits seamlessly into our strategic plan to grow our portfolio within Ireland and specifically the Dublin market.
"We look forward to upgrading this property in a manner similar to the recent refurbishment of Maldron Pearse Street Hotel which is proving to be a very successful project for us," he added.
Shares in Dalata rose 0.6pc on the news to reach €5.03. The stock has returned nearly 74pc in the year to date.