6th Jun 2016 07:16
LONDON (Alliance News) - Irish hotel operator Dalata Hotel Group PLC on Monday said it is buying the freehold interest of the Clarion Limerick Hotel for EUR8.5 million.
The Clarion Limerick is a four-star hotel located at Steamboat Quay in the centre of Limerick in Ireland. The property contains 158 bedrooms, a bar and restaurant, a leisure centre and conference rooms.
Dalata already bought the leasehold interest in March. It will rebrand the hotel under the Clayton brand before the end of 2016. The transaction is expected to complete in June.
"We are very happy with the performance of the Clarion Limerick Hotel since we acquired its leasehold interest in March. The Limerick hotel market continues to recover strongly. The purchase of the freehold interest is consistent with our stated strategy of buying the freehold of our leased hotels that have unfavourable open market rent review clauses. We look forward to rebranding the hotel as Clayton Limerick Hotel later this year," Dalata said in a statement.
Separately, Dalata said it has completed the acquisitions of the two properties on Beasley Street in Cork and Kevin Street in Dublin. The former was bought for EUR10.2 million and the latter was bought for EUR8.1 million, both last month.
Shares in Dalata were down 0.8% to EUR4.72.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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