Country’s biggest hotel chain to buy freehold interest on Limerick’s landmark Clarion Hotel for €8.5m
The country’s biggest hotel chain has exchanged contracts to buy the freehold interest on Limerick’s landmark Clarion Hotel for €8.5m.
In March Dalata acquired a leasehold interest in the 158 bed room, four star, hotel, which dominated the sky-line on the Shannon waterfront in the city. The hotel is to be rebranded as a Clayton hotel before the end of 2016 with further investment planned, Dalata said
Last week Dalata moved its stock maker listing to the main index on the Irish Stock Exchange and the London Stock Exchange. The shares previously traded on the so called junior market on the Irish Stock Exchange and the AIM in London, which is traditionally used by smaller companies.
The company said it believes that it has “grown and matured over the last number of years and that the main market is the most appropriate platform for the company's future development”.
“Furthermore it is hoped that a listing on the main market will further boost Dalata’s profile as well as potentially increasing the liquidity of trading in its securities enabling its ordinary shares to be acquired by a wider group of investors,” it added.
Company chief executive Pat McCann commented: " Given the considerable growth of the business both financially and operationally we believe that a listing on the Main Markets is the most appropriate platform for our future development. Through this move to the Official List we look forward to improving our profile and broadening our investor base further."
Shares in Dolata were down just over 2pc in London today at 365pence each, following the Limerick announcement.