Last checked at 18 Jul 2017 07:00
Dalata Submit Planning Application for Tara Towers Site
ISE: DHG LSE: DAL
Dublin, 18 July 2017 | Dalata Hotel Group plc ("Dalata" or "the Company") announces it has submitted a planning application for the redevelopment of the Tara Towers Hotel site in Dublin 4. The hotel, acquired by the Company in January 2016, is located on a 1.46 acre site adjacent to the recently developed Elmpark Urban Campus.
The planning application incorporates the demolition of the existing structure and the construction of a mixed used development to include:
· a 4 star Maldron hotel with 140 rooms, a restaurant, bar and meeting facilities;
· 70 residential units; and,
· a basement car park.
Dalata will seek a development partner in due course to fund and build the residential component of the scheme.
The Tara Towers Hotel will remain open and fully operational while the planning application is in process.
Dermot Crowley, Deputy CEO Business Development and Finance, said: "We considered a number of options for the Tara Towers Hotel and earlier this year we decided to proceed with a planning application for a mixed used development on the site. The hotel has performed very well since we acquired it in January and we are very excited about the trading potential for a brand new 4 star Maldron hotel in this location. If the planning application is successful, we will review our options on the development of the site".
A further announcement will be made as appropriate.
ENDS
Contacts
Dalata Hotel Group PLC Dermot Crowley, Deputy CEO Business Development and Finance T: +353 1 206 9400 E: dcrowley@dalatahotelgroup.com
| Investor Relations & Public Relations FTI Consulting Melanie Farrell T: +353 86 401 5250 E: melanie.farrell@fticonsulting.com | Joint Company Brokers Davy Anthony Farrell T: +353 679 7788 E: anthony.farrell@davy.ie |
Berenberg Ben Wright T: +44 20 3753 3069 E: ben.wright@berenberg.com |
About Dalata
Dalata Hotel Group plc is Ireland's largest hotel operator, with a current portfolio of 37 three and four star hotels with over 7,500 rooms. Dalata successfully operate Ireland's two largest hotel brands, the Clayton and the Maldron Hotels across Ireland and the UK, as well as managing a portfolio of partner hotels. 24 of the hotels are owned by Dalata, 9 hotels are operated under lease agreements and 4 are operated under management agreements.
For the full year 2016 Dalata reported revenue of €290.5 million. Dalata is listed on the Main Market of the Irish Stock Exchange (DHG) and the London Stock Exchange (DAL).
For further information visit: www.dalatahotelgroup.com