Dalata Hotel group raises €265m in IPO, funds will be used for Irish expansion
Group founded by hotelier Pat McCann includes 13 Maldron hotels
DALATA Hotel group, which was founded by Pat McCann, has raised €265m in funding through an initial public offering in Dublin and London.
The company has placed 106 million shares at €2.50 each with the net proceeds used to acquire a portfolio of about 16 to 25 hotels throughout Ireland and pay down existing debt - net debt at end December was €4.1m.
Dalata Hotel Group currently operates 34 hotels in Ireland and the UK, with over 5,300 bedrooms and about 2,500 employees - it also includes 13 Maldron hotels.
"We are pleased to welcome quality international institutions as shareholders on admission and believe that this reflects the strength of our investment case and prospects," said McCann, the former chief executive at Jury's Doyle hotel group.
"The capital raised through this placing will allow Dalata to pursue its strategy of acquiring a portfolio of Irish hotel assets."