1st Aug 2014 15:57
LONDON (Alliance News) - Irish hotel operator Dalata Hotel Group PLC Friday said it has entered into conditional agreements to acquire a 25% stake in both Qulpic Ltd and Zrko Ltd from Durance Investments Ltd for a total of EUR21.8 million.
Qulpic owns the 4 star Clyde Court hotel in Dublin, while Zrko owns the 4 star Ballsbridge Hotel, also in Dublin.
Dalata said the acquisitions are subject to the pre-emption rights of the remaining shareholders in Qulpic and Zrko.
"The agreements may, by virtue of related arrangements, also lead to the group acquiring up to 100% of the share capital of Qulpic and Zrko... although there can be no certainty that any such transaction will occur," said Dalata in a statement.
The gross assets of Qulpic and Zrko as at December 31, 2012, were EUR16.2 million and EUR32.0 million respectively.
"Having operated these two hotels since January 2012, we are delighted to have the opportunity to increase our economic interest in these two properties," said Chief Exeucitve Officer Pat McCann in a statement.
Dalata Hotel shares closed 0.1% lower Friday at 240.26 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Dalata Hotel Gp