15th Oct 2014 09:30
LONDON (Alliance News) - Dalata Hotel Group PLC Wednesday said it has agreed deals to buy Clayton Hotel in Galway and Whites Hotel in Wexford, both in Ireland, for a total of EUR31.7 million in cash.
Dalata said the two hotels reported earnings before interest, tax, depreciation, amortisation, rent and management fees for 2013 of EUR2.5 million.
"We are delighted to have secured Whites Hotel, Wexford and the Clayton Hotel, Galway, two outstanding modern hotel properties with excellent conference facilities," said Dalata Chief Executive Officer Pat McCann.
"These acquisitions are part of our strategy to assemble a portfolio of high quality hotel assets in Ireland," McCann added.
Dalata shares were up 1.7% to EUR2.8985 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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