16th Dec 2015 10:16
LONDON (Alliance News) - Dalata Hotel Group PLC on Wednesday said it has agreed to buy the Tara Towers hotel in Dublin for EUR13.2 million, and plans to add a star to the three already in the acquisition's possession and rebrand it as a Maldron Hotel.
The Tara Towers hotel is on the Merrion Road, Dublin 4, adjacent to the Elmpark Urban Campus.
The hotel includes 111 ensuite bedrooms, bar, restaurant, car park and event facilities, and the total size of the site is 1.46 acres.
Dalata said it plans to invest up to EUR4.5 million in a refurbishment programme designed to convert the property into a modern four star hotel.
Profits attributable to the hotel are expected to amount to EUR475,000 in 2015.
"The Tara Towers Hotel is a very well located hotel in Dublin 4 that fits seamlessly into our strategic plan to grow our portfolio within Ireland and specifically the Dublin market. We look forward to upgrading this property in a manner similar to the recent refurbishment of Maldron Pearse Street Hotel which is proving to be a very successful project for us," Dermot Crowley, deputy chief executive of business development and finance, said in a statement.
Shares in Dalata were untraded in London on Wednesday morning. The stock closed at 367.50 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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