A recent refinancing involving Bank of Ireland will support Ireland’s biggest hotel group Dalata with future growth particularly in the UK and continental Europe.
Dalata Hotel Group, owners of the Clayton Hotel and Maldron Hotel brands, recently revealed a €600m refinancing package to fund its future growth.
Established in 2007, Dalata is now the largest hotel operator in Ireland and has a growing presence in the UK and continental Europe.
“We are very pleased to have successfully completed our recent refinancing which reflects the scale and standing of Dalata today in addition to supporting our ambitious growth plans”
Bank of Ireland was part of a banking syndicate that supported the new refinancing package.
Rooms with a view to growth
The package included the refinance of existing syndicate facilities with new €475m Senior facilities made up of a green term loan facility of €100m and a multi-currency revolving credit facility of €375m.
Greg Martin, Senior Manager, Bank of Ireland Corporate & SME Banking said: “Bank of Ireland is delighted to continue its long-standing and valued relationship with Dalata Hotel Group as part of this refinance, in support of their future growth strategy. The addition of a new Green Term Loan facility demonstrates their strategic focus on growing a sustainable business.”
The Group operates 57 hotels comprising 12,258 rooms principally under the Clayton and Maldron Hotel brands. This is split between: Ireland (17 Dublin, 13 regional Ireland, 3 Northern Ireland), the UK (22) and Continental Europe (2). The Group employs more than 5,500 people.
An example of the hotel firm’s growing presence internationally can be seen in the recent opening of Dalata’s fifth London Hotel, the Maldron Hotel Shoreditch. Dalata’s is targeting an increase in it’s footprint to 21,000 bedrooms, either open or in development by 2030.
“We are very pleased to have successfully completed our recent refinancing which reflects the scale and standing of Dalata today in addition to supporting our ambitious growth plans,” said Carol Phelan, CFO of Dalata.
“Bank of Ireland is a long-standing and much valued partner from our early days. We are deeply appreciative of the leadership and support they have always provided as a key member of our banking club and we look forward to continuing to deepen this relationship over the coming years.”
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