US investment giant increases stake in Dalata
Published 23/07/2014 | 02:30
US-based asset management giant Franklin Templeton has increased its stake in Irish hotel group Dalata to just over 11pc.
The US group has been steadily increasing its holding in Dalata in recent months.
In March it owned just 3.9pc of Dalata, which is Ireland's largest hotel group.
By the end of June it had raised it to 5.75pc. At the beginning of this month it increased it to 8.01pc and then to 10.39pc last week.
Dalata, which is headed by Pat McCann, listed on the stock market in March, raising €265m.
It had intended to raise between €150m and €200m.
It operates almost 40 hotels, many of them under the Maldron name.
In June, Dalata agreed to pay €15.3m to acquire the freehold interest in the Maldron Hotel on Dublin's Parnell Street. It also signed a deal last month to buy the freehold interest of the Pearse Hotel in Dublin for €14.4m.
Dublin's hotel sector has recovered to its pre-bust levels.