10th Jul 2020 14:05
Dalata Hotel Group PLC - Irish hotel operator - Agrees amendment to debt facility. Says previous covenants - comprising net debt to earnings before interest, tax, depreciation, amortization and interest cover - will not be tested again until June 2022 and have been replaced by a net debt to value covenant and a minimum liquidity test. Adds that the revolving credit facility has been increased by EUR39 million to EUR364 million until September 2022.
Dalata says it has now reopened 42 of its hotels in the Republic of Ireland, Northern Ireland and England. Notes the Clayton Hotel Cardiff and the Maldron Hotel Belfast International Airport are expected to reopen on Saturday and August 1, respectively.
Says although all construction sites have since reopened, there will be a delay to the pipeline opening dates with Maldron Hotel Glasgow to open towards the end of the first quarter of 2021 and Samuel in Dublin to follow in mid-2021. The two hotels in Manchester, Clayton Hotel Bristol, Clayton Hotel Glasgow and Maldron Hotel Merrion Road in Dublin are now expected to open in the first quarter of 2022. Dalat says it has no firm timelines for the remaining pipeline projects that have not commenced construction. However, the extension at Clayton Hotel Birmingham will open earlier than expected in November 2020.
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Year-to-date change: down 43%
By Ife Taiwo; [email protected]
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