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Dalata reports revenue of €290.6m as pre-tax profits surge 55pc to €44.1m

Dalata has reported pre-tax profits of €44.1m for the year ended 31 December 2016 – up 55pc for the same period the previous year.

Ireland’s largest hotel operator has also recorded revenue of €290.6m, up 28.8pc compared with the year ended in 2015.

Dalata operates Ireland’s two largest hotel brands, Clayton Hotels and Maldron Hotels across Ireland and the UK.

Over the last twelve months, Dalata invested €25.4m in hotel redevelopment and refurbishment of existing hotels, including the refurbishment of 748 bedrooms.

The group entered into 25 year lease for the Clayton Hotel Burlington Road from Deka Immobilien – and completed the rebranding of four hotels to Clayton in the last two months of the year

Net upward property revaluation posted is €66.6m, as extensions are planned at four hotels in Dublin and Galway – and four other hotels are under construction in Dublin Belfast and Newcastle.

A further fifth hotel is being planned at a site in Cork.

It is expected that the 500 jobs are being created in Ireland and UK as a result of Dalata’s expansion.

“2016 was a year that saw further significant growth in our portfolio adding seven hotels and c. 1,600 rooms to the business,” Pat McCann, Dalata Group CEO, said.

“We have also locked in a growth pipeline of 1,200 new hotel rooms which will come into operation during 2018.”

Mr McCann said that the Clayton and Maldron brands are now the two largest hotel brands in Ireland.

“The Dublin hotel market continued to perform very strongly in 2016. I was very pleased with our own RevPAR growth of 19.9pc versus the city as a whole at 16.1pc,” he said.

“There does finally appear to be some additional supply coming into the market from the second half of 2018 but I believe that demand in the city will comfortably absorb new capacity. The Regional Ireland hotels also continued to perform very strongly for us and, with a minimal amount of new supply in the pipeline, we believe that the outlook for Cork, Limerick and Galway remains very positive.”

Dalata is listed on the Main Market of the Irish Stock Exchange (DHG) and the London Stock Exchange (DAL).
Article Source: http://tinyurl.com/kbwqb42


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