Dalata Hotel Group plc Acquires Maldron Hotel Wexford
Dalata Hotel Group plc is pleased to announce that it has entered into an agreement to acquire the Maldron Hotel Wexford.
The Company has agreed to acquire the freehold interest in the Maldron Hotel Wexford for a consideration of €3.53 million. The consideration is payable in cash.
Maldron Hotel Wexford is a 3 star hotel located at Barntown, Wexford. The hotel, which has recently completed a full refurbishment, contains 108 bedrooms, a bar and restaurant, a state of the art leisure centre and 4 conference rooms. The hotel has been operated by the Group since August 2007 under the terms of a 33 year leasehold agreement with a current annual rent of €0.3m per annum subject to upward only rent reviews at five year intervals. The next rent review is due in January 2019.
This acquisition will consolidate the Group's position and allow it to develop the business of the hotel to its full potential. It is expected that the transaction will complete in April 2015.