Dalata Enters into Agreement to Acquire the Freehold Interest of Maldron Hotel Portlaoise
Dalata Hotel Group plc is pleased to announce that it has entered into an agreement with Receivers Declan McDonald and Ken Tyrrell of PwC to acquire the freehold interest of the Maldron Hotel Portlaoise and adjoining Midway Foodcourt. Dalata have also agreed a simultaneous sub-sale of the foodcourt to a third party. The net cost of the transaction to Dalata is €6.8 million. It is expected that the acquisition will complete in May 2017.
Dermot Crowley, Deputy CEO Business Development and Finance, said: "We are delighted to have secured the freehold of our Maldron Hotel in Portlaoise. This transaction is consistent with our stated strategy of buying out the freehold interests of those leased properties with future unpredictable rent reviews."
The Maldron Hotel Portlaoise is 3-star hotel located adjacent to the M7 motorway at Junction 17, Portlaoise. The hotel contains 90 bedrooms, a bar, restaurant, leisure centre and meeting room facilities. The Company holds a long leasehold on the hotel until 2036. The Company incurred a rental charge of €0.57 million in 2016 in relation to the hotel.
The consideration is payable in cash.