Company raises €265m on joining the Irish Stock Exchange,
Dalata Hotel Group (Dalata), the largest hotel operator in Ireland, has today joined the Irish Stock Exchange (ISE) raising €265m.
Dalata operates 40 hotels, totalling over 6,100 rooms, with all bar one – Cardiff – located in Ireland. The Group's portfolio includes the 13 Maldron Hotels as well as other well-known hotels across the country.
The net €265m funds raised as part of its flotation will be used by the company to acquire a portfolio of approximately 16-25 hotels throughout Ireland and to pay down existing debt.
Dalata’s central management group includes a number of former senior executives of the Jurys Doyle Hotel Group plc led by CEO, Pat McCann; Dermot Crowley, Deputy Chief Executive; Finance & Development and Stephen McNally, Deputy Chief Executive.
Its market capitalisation on coming to the Enterprise Securities Market (“ESM”) was €305m. Dalata’s ESM ticker symbol for trading is DHG.
Pat McCann, CEO of Dalata, speaking at the company’s launch at the ISE, said “As the largest hotel operator in Ireland, we are delighted to be in a position to join the Irish Stock Exchange today. Our flotation on the ESM has enabled us to attract international investors and also provides us with a platform for future fund-raisings. A market listing raises our profile in Ireland and internationally which is also important for our business.”
Deirdre Somers, Chief Executive of the ISE, added, “Tourism is a key sector for the future growth of the Irish economy and we are delighted that Dalata has utilised the Irish Stock Exchange to source the international capital it needs for expansion. Dalata’s successful IPO demonstrates that public markets are open to Irish companies with attractive investment opportunities.”
Davy is acting as ESM Advisor and Corporate Broker to Dalata.
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Press release by The Irish Stock Exchange 19th March 2014
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