Dalata Hotel Gp Share News (DAL)

(ShareCast News) - Irish hotel group Dalata said it was buying the Clarion Hotel Sligo for €13.11m in cash subject to regulatory approval.Dalata said it planned to invest up to €0.75m in a refurbishment programme to further enhance the hotel, and will rebrand the property as a Clayton Hotel, Sligo. The hotel generated earnings before interest, tax, depreciation and amortisation of €0.93m in 2015.The Clarion is a landmark 4 star hotel, located in Sligo town on the country's west coast. It sits on on 5.5 acres and facilities at the hotel include 162 bedrooms, including 89 suites, bar, restaurant, extensive meeting & conference facilities, leisure centre and swimming pool.Dalata's deputy chief executive of business development and finance Dermot Crowley said the company had been managing the hotel, which was in receivership, since April 2013."The hotel is benefiting from the recovery of both the local and national economies. We believe that the introduction of the Clayton brand will further enhance the offering at the hotel and we are very excited about its addition to our portfolio of Clayton hotels in Ireland," he said.