13th Oct 2015 10:16
LONDON (Alliance News) - Dalata Hotel Group PLC on Tuesday said it has agreed to acquire the freehold interest in the Clarion Hotel Cork for EUR35.1 million in cash.
The deal is expected to complete within October.
Clarion Hotel Cork is a four-star hotel on Lapp's Quay in Cork City centre. It has 191 bedrooms, a bar and restaurant, a leisure centre, swimming pool, high end spa and extensive conference and meeting facilities.
It will be operated by Merzolt Ltd Choice Hotel Group under the terms of a 35-year leasehold agreement with a "current annual rent of EUR2.402m per annum subject to upward-only rent reviews at five year intervals".
Shares in Dalata were up 3.1% at 330.00 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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