DUBLIN (Reuters) -Ireland's largest hotel group Dalata has launched a strategic review to explore options to enhance shareholder value, including but not limited to a potential sale of the group, it
Dalata Hotel Group's Strategic Review Boosts Shares
DUBLIN (Reuters) -Ireland's largest hotel group Dalata has launched a strategic review to explore options to enhance shareholder value, including but not limited to a potential sale of the group, it said on Thursday, sending its shares up 16%.
Dalata operates 55 hotels under the Maldron Hotel and Clayton Hotel brands, with most located in Ireland and the United Kingdom. Its European portfolio includes Clayton Hotel Duesseldorf and Clayton Hotel Amsterdam American.
The company said it had appointed Rothschild & Co as financial adviser in connection with the strategic review, adding that it is not in discussions with, or in receipt of an approach from any potential suitor.
Dalata's 30 owned hotels have been valued externally at 1.7 billion euros ($1.84 billion) including assets under construction, it said, 73% of which relates to hotels in Dublin and London.
It has 22 leased hotels, the majority of which are on long-term institutional lease agreements with a weighted average lease length of 29 years, and also operates three managed hotels.
Dalata earlier reported full-year adjusted core profit up 5.1% at 234.5 million euros on revenue up 7.3% at 652.2 million euros, supported by additions to its portfolio over the past two years.
($1 = 0.9264 euros)
(Reporting by Graham FahyEditing by David Goodman)
