It was announced today that Dalata has submitted a planning application for the redevelopment of the Tara Towers Hotel and surrounding 1.46 acre site adjacent to it to become a mixed use development in Dublin 4. 

The hotel is currently a 111 room 3 star hotel and after the redevelopment will become a 4 star Maldron hotel with 140 rooms, a restaurant bar, meeting facilities and a basement car park. Seventy residential units will also be built on the site.

This hotel was acquired by Dalata in January 2016 for a consideration of c.€13.2m, with the intention to invest c.€4.5m in the hotel. Today's statement notes that Dalata will seek a development partner in due course.

Commenting on the planning application, Goodbody Stockbrokers today said, "Overall this morning’s announcement is a small positive for Dalata and comes as no surprise given the company’s original intention to invest in the redevelopment of the hotel at the time of acquisition."

Source: www.businessworld.ie