Dalata Hotel Group PLC (LSE:DAL) has continued the expansion of its portfolio, acquiring the Radisson Hotel Dublin Airport in a €83 million deal.
The Dublin and London listed hotelier noted that it is funding the deal through its existing cash and banking facilities.
Located over the road from Dalata’s Maldron Hotel Dublin Airport, and within walking distance to Terminal 2, the four-star hotel Radisson site has 229 bedrooms, a bar, restaurant, and substantial on-site parking.
Dalata said it will rebrand the newly acquired airport hotel under its Clayton brand upon completion.
The company noted that the Radisson hotel generated around €6.5 million EBITDA last year, and had an asset valuation of €83 million at the end of December.
Dalata chief executive Dermot Crowley described the deal as “an exceptional opportunity”.
Shane Casserly, Dalata’s deputy CEO, meanwhile commented: “The acquisition of this Hotel is a compelling opportunity to secure a strong revenue generating hotel, in an excellent location.
“This Hotel is well positioned to provide hospitality services to Dublin Airport passengers and the greater north Dublin community, supporting both the local and national economies”
The deal is subject to approval from Ireland’s Competition and Consumer Protection Commission (CCPC), and is anticipated to close in the first half of 2025.
In London, Dalata shares gained just over 4% changing hands at 365.7p.