Hotel group Dalata has entered into an agreement to acquire the Maldron Hotel Wexford for €3.53 million in cash.
The Maldron is a 3-star hotel located at Barntown. The hotel, which has recently completed a full refurbishment, contains 108 bedrooms, a bar and restaurant, a leisure centre and four conference rooms. The hotel has been operated by the group since August 2007 under the terms of a 33-year leasehold agreement with a current annual rent of €0.3 million per annum subject to upward only rent reviews at five year intervals.
The next rent review for the hotel is due in January 2019.
It is expected that the transaction will complete in April 2015.
The group, which earlier this month reported a 30.4 per cent rise in revenues in its maiden results as a public company, has been on the acquisition trail of late, having recently also added the Holiday Inn Hotel in Belfast to its portfolio.
Since the group's Initial Public Offering (IPO) in March 2014, at which it raised €256m net of costs, Dalata has invested the full proceeds 12 months ahead of schedule. Its other investments included the Maldron Hotel Pearse Street (Dublin), Maldron Hotel Parnell Square (Dublin) and Maldron Hotel Derry in 2014, as well as the Clayton Hotel (Galway), Whites Hotel (Wexford) and Pillo Hotel (Galway) in 2015. Its new Clayton brand will be rolled out to thirteen of its hotels over the next six months, while the Maldron brand will be used in 14 of its properties.
