FINANCE: Irish hotel operator Dalata has announced plans to buy Moran Bewley’s Hotel Group for €450m (£357m).
Moran Bewley’s portfolio includes four hotels in Dublin, two in London and one hotel in Cork, Manchester and Leeds, with a combined 2,506 rooms.
Dalata plans to part-finance the acquisition by placing 18.3m shares priced at €2.75 each. The company will have invested all of the €265m it raised in an IPO on the Irish Stock Exchange in March following the deal.
The company owns 36 hotels with more than 5,500 rooms, making it Ireland’s largest hotel operator.
