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Dalata Hotel Group PLC (DAL,DHG)
Dalata announces sale of Clayton Crown Hotel, London
ISE: DHG LSE: DAL
Dublin and London | 12 May 2022: Dalata Hotel Group plc ("Dalata" or "the Company"), the largest hotel operator in Ireland, with a growing presence in the United Kingdom and continental Europe, announces that it has signed contracts for the sale of the Clayton Crown Hotel, London, and the underlying business, to a company controlled by AG Hotels Group (“the Purchaser”), for a cash consideration of approximately £21 million (“the Transaction”). The transfer of the business is scheduled to complete by late June 2022.
The Clayton Crown Hotel, a 152-bedroom four-star hotel, located in Cricklewood, London NW2, has always performed well, but was no longer deemed a core hotel asset with the Company’s increasing strategic focus on central locations. The consideration represents excellent value for Dalata and the proceeds will be reinvested in the business.
This Transaction is a transfer of a going concern, however the Clayton branding is not included as part of the arrangement. On completion of the contracts, the hotel will no longer have any contractual relationship with the Company.
Dermot Crowley, CEO, Dalata said:
“I would like to take this opportunity to thank the team at Clayton Crown Hotel for the significant contribution they have made since the hotel was acquired as part of the Moran Bewley acquisition in 2015.
This Transaction represents excellent value and will assist us in our continued focus on securing central opportunities in attractive cities of the UK and continental Europe. London continues to be a priority for Dalata, and we look forward to opening our new hotel in Shoreditch in the second half of 2023.
Our immediate focus now, will be to communicate with our employees and assist them with the transition. We will be retaining the hotel management within the Company; all other employees will have the opportunity to apply for vacant positions within Dalata or they can choose to remain in their current roles in the hotel.”
Dalata Hotel Group plc was founded in August 2007 and listed as a plc in March 2014. Dalata is Ireland’s largest hotel operator, with a growing presence in the UK and continental Europe. The Group's portfolio comprises 48 predominately four-star hotels with 10,511 rooms and a pipeline of over 1,500 rooms. The Group currently has 28 owned hotels, 17 leased hotels and three management contracts. Dalata successfully operate Ireland’s two largest hotel brands, the Clayton and the Maldron Hotels. For the year ended 31 December 2021, Dalata reported revenue of €192.0 million and a loss after tax of €6.3 million. Dalata is listed on the Main Market of Euronext Dublin (DHG) and the London Stock Exchange (DAL). For further information visit: www.dalatahotelgroup.com
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