15th Feb 2016 08:38
LONDON (Alliance News) - Irish hotel operator Dalata Hotel Group PLC on Monday said it has acquired DS Charlemont Ltd from property developer U+I Group PLC for EUR11.9 million in cash.
Dalata said DS Charlemont owns the former Charlemont Clinic site in Dublin, for which planning permission was granted in January for a 4-star, 181-bed hotel.
Dalata will complete the planning process for the site and will then build a new Clayton Hotel on the site by the first half of 2018. The overall investment in the site will be around EUR40.0 million, it said.
U+I, in its own statement on the deal, said it would book a GBP2.3 million profit on the sale.
"We are pleased to make further progress today towards our full year gains and also in our activities in Dublin," said U+I Chief Executive Matthew Weiner.
Dalata shares were untraded early Monday, having last traded at 333.67 pence, while U+I shares were flat at 200.00p.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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