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IRISH hotel operator Dalata has raised €265m in funding through an initial public offering in London and Dublin.

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

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.