Dalata Hotel Group plc acquires Tower Hotel, Derry, Londonderry
Dalata Hotel Group plc is pleased to announce that it has entered into agreement to acquire the Tower Hotel in Derry, Londonderry.
The Company has agreed to acquire the freehold interest in the Tower Hotel, Derry, Londonderry for a consideration of £4.375 million (€5.5 million) (the “Tower Acquisition“). It is expected that the transaction will complete in October 2014.
The Tower Hotel Derry is a 4 star hotel located in the heart of Derry City. The hotel contains 93 en suite rooms as well as a bar & grill, restaurant and 5 conference rooms.
The consideration is payable in cash. The Tower Acquisition will allow the Group to expand its position Northern Ireland where it already operates the Maldron Hotel Belfast.
Profits attributable to the Tower Hotel in 2013 were €0.5 million.
“We are delighted to finally have a hotel in Derry, Londonderry. We are excited at the prospect of bringing new business to a city that has seen many positive changes in recent years. The Tower Hotel will be rebranded to Maldron. As part of a rapidly growing hotel group, our new colleagues can expect many opportunities for career development.”