Dalata Hotel Group PLC Signed A New Lease Agreement (7700V)

TIDMDAL

RNS Number : 7700V

Dalata Hotel Group PLC

07 November 2017

Dalata Announces First Clayton Hotel in Scotland

   ISE: DHG                              LSE: DAL 

Dublin, 7 November 2017 | Dalata Hotel Group plc ("Dalata" or "the Company") is pleased to announce that it has signed an agreement to lease a new Clayton Hotel to be built in Glasgow, with Artisan St. Enoch Quarter Limited, a subsidiary of Artisan Real Estate Investors Limited.

The new hotel will be a 4-star property, ideally located in the centre of Glasgow on the River Clyde, close to Glasgow Central Station and within walking distance of the main shopping thoroughfares and the International Financial Services District. The hotel will have circa 300 air-conditioned bedrooms, a bar, restaurant and conference facilities.

On completion of construction, Dalata will commence operations in the hotel through a 35-year Operating Lease which will be subject to five-year rent reviews linked to the Retail Price Index. It is expected that the hotel will open in Q4 of 2020. The construction of the hotel is subject to the receipt of planning permission from Glasgow City Council.

Dalata already operates seven hotels in the UK, in London (two), Cardiff, Leeds, Birmingham, Belfast and Manchester Airport. A new Clayton hotel is also planned for the centre of Manchester as announced in September. Dalata operates Maldron hotels in Derry and Belfast Airport with two further Maldron hotels under construction in Belfast and Newcastle. Dalata is Ireland's leading hotel company where it operates 12 Clayton and 12 Maldron hotels.

Dermot Crowley, Deputy CEO - Business Development and Finance, said: "Glasgow is one of the 20 cities that we have announced today as a target city for our Clayton and Maldron brands. Glasgow is not only Scotland's largest city, it is also a city with an exciting mix of large corporate employers, extensive conference and event facilities and leisure attractions. We are very pleased to have secured such a prime location as Clyde Street and look forward to workings with Artisan Real Estate Investors in developing this new Clayton hotel."

Clive Wilding, Property Director - Artisan Real Estate Investors added: "We are pleased to have formed a development partnership with Dalata Hotel Group for this flagship regeneration opportunity providing the chance to restore the forgotten Grade A listed Custom House into a part of the new development. This will complete the bookend of one of Scotland's most successful retail streets, as well as being within touching distance of the commercial heart of Glasgow. The new hotel forms the key part of a wider mixed-use development, for which the planning process will start shortly, with a view to being on site at the end of 2018 and open for business in 2020."

ENDS

Contacts

 
  Dalata Hotel                 Investor Relations                                               Dalata Hotel                 Investor Relations 
   Group PLC                    & Public Relations       Joint Company   Berenberg               Group PLC                    & Public Relations       Joint Company   Berenberg 
   Dermot Crowley,              FTI Consulting           Brokers         Ben Wright              Dermot Crowley,              FTI Consulting           Brokers         Ben Wright 
   Deputy CEO Business          Melanie Farrell          Davy            T: [phone]          Deputy CEO Business          Melanie Farrell          Davy            T: [phone] 
   Development                  T: [phone]           (Sponsor)       3069                    Development                  T: [phone]           Anthony         3069 
   and Finance                  5250                     Anthony         E:                      and Finance                  5250                     Farrell         E: 
   T: +353 1 206                E:                       Farrell         ben.wright@berenb       T: +353 1 206                E:                       T: +353 679     ben.wright@berenb 
   9400                         melanie.farrell@fticon   T: +353 679     erg.com                 9400                         melanie.farrell@fticon   7788            erg.com 
   E:                           sulting.com              7788                                    E:                           sulting.com              E: 
   dcrowley@dalatahotelgroup.                            E:                                      dcrowley@dalatahotelgroup.                            anthony.farre 
   com                                                   anthony.farre                           com                                                   [e-mail] 
                                                         [e-mail] 
 

About Dalata

Dalata Hotel Group plc is Ireland's largest hotel operator, with a current portfolio of 38 hotels with over 7,600 rooms. Dalata successfully operates Ireland's two largest hotel brands, Clayton Hotels and Maldron Hotels across Ireland and the UK, as well as managing a small portfolio of partner properties. 26 of the hotels are owned by Dalata, nine hotels are operated under lease agreements and a small number of partner hotels are operated under management agreements.

For the half year 2017, Dalata reported revenue of EUR161.8 million (full year 2016: EUR290.6 million). Dalata is listed on the Main Market of the Irish Stock Exchange (DHG) and the London Stock Exchange (DAL).

For further information visit: www.dalatahotelgroup.com

This information is provided by RNS

The company news service from the London Stock Exchange

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November 07, 2017 05:15 ET (10:15 GMT)