15th Oct 2024 10:27
(Alliance News) - Dalata Hotel Group PLC on Tuesday held an investor day, announcing a bedroom target and a share buyback.
The Dublin-based operator of the Maldron and Clayton hotel chains posted a share buyback programme on the Euronext Dublin of up to EUR25 million which is set to start over the coming days.
The buyback is aimed at reducing the company's share capital.
Dalata shares rose 0.8% in Dublin to EUR4.05 each on Tuesday morning, but fell 1.0% to 336.45p each in London.
Further, Dalata said it targets having 21,000 bedrooms either open or in development by 2030.
The company said: "The group remains positive in its outlook for the remainder of the year as we continue to see a strong return of corporate business after the summer period and good leisure demand around events. In particular, we expect good demand in November in Dublin on the back of a strong events calendar."
Chief Executive Officer Dermot Crowley said: "Our recent UK growth has been compelling with 11 hotels added in target cities since 2021, almost doubling our UK footprint. Continental Europe represents an exciting pathway to expand the group's footprint."
By Tom Budszus, Alliance News slot editor
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