Newstalk
Newstalk

11.20 24 Aug 2016


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Dalata has announced that it is collaborating with a third party currently in negotiations to buy the former Burlington Hotel in Dublin.

Ireland’s biggest hotel group is now in exclusive discussions to acquire a leasehold and operating interest in the 'Doubletree by Hilton' hotel if it is sold to the third party. 

 

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In a statement, Dalata said the proposed move would be "subject to further due diligence and there can be no certainty at this time that a transaction will proceed".

The publicly-quoted group will update shareholders as appropriate.

Dalata chief executive Pat McCann appeared to rule his business out of the running for the Burlington Road premises in April, saying that the board had met and decided against entering the business process.

Blackstone, the world's biggest private equity property investor, will be hoping to earn up to €180 million from the sale of the hotel. It should receive double the amount it spent on the purchase four years ago and the cost of refurbishing it.

It has attracted interest from the Abu Dhabi Investment Authority, US groups Hyatt Hotels and Host Hotels & Resorts, and the unnamed bidder now working alongside Dalata.

 

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