The Hotel Group, which is the largest hotel operator in Ireland is expected to be marginally ahead of market expectations for the year end.
Trading in the second half of 2020 was continually disrupted as a result of Covid-19 restrictions across the regions in which the Group operates however the Group has significant financial headroom to support the business through the on-going recovery and continue on their path of growth and development with current cash and undrawn debt facilities of €293M after deducting upcoming payments including quarterly rent and interest.
Dalata continues to progress the development pipeline of almost 3,250 rooms across Ireland and the UK. In Q4 2020, the group completed the 44-bedroom extension at Clayton Hotel Birmingham and the Meeting & Events Centre at Clayton Hotel Cardiff Lane in Dublin. There are a number of projects currently in the pipeline for Dublin including the Samuel Hotel which is projected to open in Summer 2021, the Maldron Hotel Glasgow in the UK is also scheduled to open in Summer 2021 and a selection of other projects will be completed.
Dermot Crowley, Deputy CEO – Business Development and Finance, commented: “We have an exciting pipeline of hotels to open over the next three years. Despite the devastating impact of Covid-19, we announced three new hotels during 2020 in Dublin, Brighton and Manchester. We are working with developers and site owners around the UK on potential new developments. The positive impact of the recent equity placing on our balance sheet together with the way in which we have met our rental obligations throughout the Pandemic has enhanced our reputation as a strong reliable covenant. We are confident that this will assist us greatly in building our pipeline further in 2021.”
