26th May 2016 08:01
LONDON (Alliance News) - Dalata Hotel Group PLC on Thursday said it has bought a hotel development site in Dublin city centre for EUR8.1 million.
For the site, on Kevin Street, Dalata plans a hotel with 137 bedrooms over five floors, a basement car park with 23 spaces, a reception area, and a cafe-bar and restaurant.
Construction of the hotel under the Maldron brand will commence in the fourth quarter of 2016, with the aim to have the hotel operational by mid 2018.
Total investment upon completion will be around EUR26 million and will result in around 70 new jobs, Dalata said.
"The purchase of this property is a very exciting opportunity for the company and is consistent with our stated strategy of securing development sites for further new hotels in Dublin. The Dublin hotel market continues to perform very strongly in 2016, and we look forward to this Maldron Hotel contributing significantly to the company performance in the future," Deputy Chief Executive of Business Development & Finance Dermot Crowley said in a statement.
Shares in Dalata were untraded on Thursday morning, last quoted at 377.10 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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