ONE MORE THING:Hotel group Dalata, which runs the Maldron three-star chain, has refinanced its €9 million debt with Ulster Bank.
The borrowings were due to be repaid on December 31st but chief executive Pat McCann said this week that Dalata had agreed a three-year extension out to 2015. “It’s a good deal for the company,” he said.
With just under four weeks left in its financial year, McCann said Ebitda (earnings before interest, tax, depreciation and amortisation) was on target to increase by 60 per cent to about €3.05 million.
“It’s a combination of an improved trading performance, particularly in Dublin, and additional management contracts.” That would give the company a net debt to Ebitda ratio of about three, a reasonable level in the current financial climate.
There are also shareholder loans of €46 million outstanding but that’s another story.
Dalata is set to lose Finnstown House, formerly owned by Jim Mansfield, from its portfolio of management contracts, which includes the former Jurys Doyle hotels in Ballsbridge.
The sale of the Lucan hotel by receiver Martin Ferris to a consortium led by Kevin McGeough from Louth is set to close at the end of this week.
