It was announced today that Dalata's leasehold acquisition of the Burlington hotel in Dublin has been given clearance by the Competition and Consumer Protection Commission (CCPC). The deal is therefore due to complete in the coming weeks.
This acquisition sees Dalata add one of Dublin's most iconic hotels to its 6,600-room portfolio. The Burlington hotel, currently operated by Hilton, is a 502-bedroom hotel with strong conference facilities. It is expected that the hotel will be rebranded as a four star Clayton.
This deal further highlights Dalata's role as the consolidator in what is still a highly fragmented Dublin hotel market.
According to Davy Stockbrokers, "This acquisition increases Dalata exposure to Dublin, adds an additional 7.5% to group EBITDA in 2017 and represents a new avenue of growth for the group with a financial partner looking to acquire assets that can be leased to a strong PLC covenant."
Source: www.businessworld.ie
