Latest news with #DalataHotelGroup
Irish Times
20 hours ago
- Business
- Irish Times
Watchdog clears Dalata's €83m deal for Radisson Dublin Airport
Dalata Hotel Group will give up the lease on the DAA-owned Maldron Hotel at Dublin Airport after the competition watchdog approved its bid to acquire the nearby Radisson Blu hotel from Alan McIntosh's Emerald Investments for €83 million. The Competition and Consumer Protection Commission (CCPC) said on Wednesday it had cleared Dalata's bid to buy CG Hotels Dublin Airport, which holds the long leasehold interest in the property. The CCPC said it had approved the €83 million transaction, subject to several conditions, one of which is that Dalata will have to surrender the lease on the nearby Maldron Hotel. Dalata said previously the Maldron lease is due to expire in January 2026. In a statement on Thursday afternoon, Dalata confirmed it had received approval for the acquisition and all conditions are now satisfied, with the transaction set to be completed before the end of the month. READ MORE Dalata said it is 'contractually committed to operating the Maldron Hotel Dublin Airport, under licence, into 2026, and will engage with the owner, DAA, to ensure an orderly handover of operations during the period'. Dalata chief executive Dermot Crowley said: 'We are pleased the regulatory approval process is now complete, and I am very excited about the future of the hotel within Dalata Hotel Group. 'I look forward to meeting the team at the hotel in the coming weeks and welcoming them into Dalata.' The transaction was notified to the CCPC last November, and the watchdog launched its investigation into the competition implications of the deal in April. CG Hotels Dublin Airport is a subsidiary of CG Hotels, which is linked to Mr McIntosh, a co-founder of Irish-listed home builder Cairn Homes, and his Emerald Investment Partners firm. The four-star hotel is on 4.4 acres to the east of Dublin Airport, comprising 229 bedrooms as well as meeting and events rooms. Dalata put itself up for sale in March, hiring investment bank Rothschild to carry out a strategic review of the business following a sustained period of underperformance by its stock. Earlier this month, the Dublin-listed group rejected a €1.3 billion bid from a Scandinavian consortium comprising Swedish peer Pandox, which owns hotels run under the Leonardo brand in Ireland, and Oslo-based Eiendomsspar, a leading shareholder in Dalata.
Irish Daily Mirror
11-06-2025
- Sport
- Irish Daily Mirror
Emerging Tyrone star leaving AFL door ajar amid interest from down under
Tyrone starlet Eoin McElholm has said that he remains open to trying his hand at Australian rules amid interest from down under. McElholm starred as Tyrone retained the Dalata Hotel Group All-Ireland under-20 title last month and was named Footballer of the Year for the competition today, while he has also been featuring regularly for the senior side this season, largely off the bench. The 19-year-old was on trial with AFL club Fremantle Dockers last year and while contact has cooled somewhat in the meantime, he's not closing any doors. He said: 'If the opportunity came, I'd definitely look into it, because I was out twice and really enjoyed it out there. Really enjoyed the whole experience. 'But just for the meantime, the focus is on Tyrone and what happens there.' He added: 'They give me a few balls actually saying, 'Just do as much skills work as you can with them'. But that was probably more closer to when I went out last year. I was practising a lot with it. 'If I'd seen it at the house, I'd probably bate it about for a while. But no, that's nothing I'm focused on.' His fellow countyman Conor McKenna, an All-Ireland winner in 2021, joined an elite group of Irish players to have won an AFL Premiership last year as Essendon went all the way and there has been contact between the two. 'Just when I was out last year, he was texting me, saying enjoy the whole experience and gave me a few tips. Maybe if the opportunity does arise to let him know, he'll give me a few tips and stuff. But no, he was just basically keeping me right.' With Tyrone having won three of the last four All-Ireland under-20 titles, a bright future beckons for them at senior level, something that would be difficult for the youngster to leave behind. 'Yeah, it definitely would. It wouldn't be a straightforward decision. I'd obviously have to think about it and stuff. 'But no, I just really enjoyed the opportunity and obviously if things weren't going well you're always a flight away from home.' In the meantime, Tyrone have a crunch All-Ireland series Group 1 tie with Cavan on Sunday at Brewster Park, where they need a result to progress to the knockout stages, while a win could potentially see them straight through to a quarter-final. Tyrone haven't lost to Cavan in the Championship since 1983 and have already inflicted a seven-point defeat on them in this year's Ulster Championship. McElholm added: 'They're going to be so up for it. It's just that they're not going to want the same result as what happened that day in Healy Park. 'They're just going to do everything in their power to make it as close as possible. They're going to do whatever they can to get over the line. 'So it is psychologically difficult. You have to prepare for the game the way you prepared for them in the championship. I think we're all looking forward to it. There's a good buzz around.'
Irish Times
10-06-2025
- Business
- Irish Times
Bidding war for Dalata Hotel Group hots up
A week ago, the board of Dalata Hotel Group rejected a €1.3 billion bid from the Nordic Pandox consortium , which had tabled a €6.05 a share, non-binding cash offer. Dalata, which is led by chief executive Dermot Crowley, said the bid 'materially undervalues the group and its prospects'. The market would seem to agree with the shares closing in Dublin yesterday at €6.25, some 3.3 per cent higher than the Pandox bid. The Irish hotel chain is at the stage of second round bids, having effectively put itself up for sale on March 6th by announcing a strategic review. Seems fair to assume that those bids place a higher value on the company than the Pandox offer. READ MORE The Pandox consortium comprises Swiss hotel operator Pandox and Norwegian real estate group Eiendomsspar, which has a stake of 8.8 per cent in Dalata and a near quarter stake in the bidding consortium. Eiendomsspar first emerged on the Dalata share register in October, the same month as Dalata held an investor day to outline its strategy as a listed company. Pandox's bid was a surprise, with the consortium bypassing the formal sales process in tabling its offer. Its 9 per cent stake isn't in blocking territory to a takeover of the company by a third party, but it could make life difficult for whoever emerges as the preferred bidder from the sales process. How to manage your pension in these volatile times Listen | 37:00 Two other entities – Zahid Group and Helikon – hold 28 per cent of Dalata's shares between them, putting them in blocking territory. Dalata is a well-run, profitable hotel group with a strong track record (Covid years aside). It has paid regular dividends and completed share buybacks, and outlined an ambition to grow its footprint to 21,000 bedrooms by 2030. Yet somewhere along the way, it appears that some long-term investors who weren't impressed by its growth strategy or its decision to pay €84 million for the Radisson Blu hotel at Dublin Airport decided to bail on the group, opening the way for Pandox, Zahid, and Helikon to build their stakes. This process has a long way to play out and a price closer to €7 a share might be required before a winner emerges. The only certainty is that Dalata will be checking out of the stock market.
Irish Times
03-06-2025
- Business
- Irish Times
European stocks end flat amid softening economic indicators
Europe's benchmark stock index ended little changed on Tuesday, as investors ceded ground under the dual pressure of softening economic indicators and persistent global trade anxieties. DUBLIN The Iseq All Share Index gained 0.17 per cent to close at 11,449.31. The Dalata Hotel Group rallied, closing 5.56 per cent firmer on €6.08, after it emerged on Tuesday it had rejected a €1.3 billion bid from Sweden's Pandox. Dalata said that the €6.05 a share cash offer 'materially undervalues the group and its prospects'. Things were less positive for Hostelworld whose stock slid 3.13 per cent to close at €1.55. READ MORE Ryanair retreated 1.05 per cent to €23.50 just days after it emerged chief executive Michael O'Leary was in line for a record corporate payout on the strength of its share performance – they closed last week at more than €21 for a 28th consecutive day, putting Mr O'Leary in line for options worth more than €100 million. Banking stocks fared well. AIB climbed 1.95 per cent to €7.075, Bank of Ireland was up 0.7 per cent to €12.29 and PTSB was 1.41 per cent stronger at €1.80. LONDON Britain's blue-chip FTSE 100 index ended slightly higher as defence stocks climbed after the government pledged heavy defence spending. Heavyweight energy stocks tracked crude oil prices higher. The FTSE 100 closed up 0.2 per cent, while the midcap index was 0.1 per cent weaker. The aerospace and defence subindex advanced 2.5 per cent to an all-time high after prime minister Keir Starmer pledged the largest sustained increase in British defence spending since the end of the Cold War. Chemring Group jumped 6.7 per cent after the defence contractor posted the highest-ever order book for the six months ended April 30th. The stock hit a near four-year high. In energy, oil major Shell gained 1.7 per cent, while BP added 0.6 per cent as crude oil prices climbed close to 2 per cent. On the downside, miners of both industrial and precious metals fell more than 1 per cent each as prices of copper and gold came under pressure. Education company Pearson dropped 6.6 per cent after Australian peer IDP Education forecast a drop in annual profit. Drugmaker GSK was another faller, shedding 2.1 per cent after brokerage Berenberg downgraded its rating to 'hold' from 'buy'. British water utility Pennon Group fell 6.6 per cent after it swung to an annual pretax loss. EUROPE The pan-European STOXX 600 closed flat at 548.42 points. Stocks in Germany rose 0.7 per cent, while those in France gained 0.3 per cent. Spain's Ibex dropped 0.5 per cent. Cooling inflation across the bloc – now comfortably below the European Central Bank's target – added to expectations for an aggressive pivot towards monetary easing. Meanwhile, the Netherlands' 10-year bond hit a session-high 2.745 per cent amid a concerted sell-off as a political rupture sent shock waves through the Netherlands following the collapse of its government. Media stocks fell 1.1 per cent, extending their decline from the previous session. Basic resources lost 0.8 per cent, in tandem with copper prices. Healthcare stocks were the biggest drag on the index. UBS gained 5.3 per cent after Jefferies upgraded the bank's stock to 'buy' from 'hold'. NEW YORK US stock indices rose, helped by gains in Nvidia and other chipmakers, as investors awaited possible negotiations between the United States and its trading partners for more clarity on Washington's tariff plans. President Trump and Chinese leader Xi Jinping are set to speak this week, the White House said on Monday, days after Mr Trump accused China of violating an agreement to roll back tariffs and trade restrictions. The S&P 500 remains about 3 per cent away from its record peak touched in February. By midday the Dow Jones Industrial Average rose 143.83 points, or 0.34 per cent; the S&P 500 gained 29.76 points, or 0.51 per cent; and the Nasdaq Composite gained 155.31 points, or 0.82 per cent. Five of the 11 major S&P 500 subsectors fell with property stocks leading losses, down 0.8 per cent. On the flip side, information technology stocks rose 1.2 per cent, boosted by a 3.1 per cent rise in Nvidia. Chipmaker Broadcom added 2.4 per cent to hit a fresh record high after the company said it has begun to ship its latest networking chip that aims to speed AI. Shares of Kenvue lost nearly 7 per cent, leading declines on the benchmark S&P index. Dollar General jumped 13.3 per cent as the discount retailer raised its annual sales forecast after surpassing quarterly sales expectations. Constellation Energy rose 0.7 per cent after Meta Platforms said it had struck a power agreement with the utility's nuclear plant. – Additional reporting: Reuters
Hospitality Net
03-06-2025
- Business
- Hospitality Net
Dalata Draws a Line in the Sand, Spurning Pandox's 'Low-Ball' Bid
In a firm show of resolve, Dalata Hotel Group has slammed the door on an unsolicited €6.05-per-share cash approach from the Pandox–Eiendomsspar partnership, branding the proposal a glaring undervaluation of Ireland's largest hotel operator. Dalata's board—already running a formal sales process (FSP) as part of a broader strategic review—wasted little time before issuing a unanimous rejection. Even in the notoriously polite world of deal announcements, the subtext was unmistakable: thanks, but no thanks—come back when you understand our worth. Why the snub? At first glance, a headline price of 605 cents might look generous; it represents a tidy premium to where the shares traded before rumours of a sale began swirling in March. But Dalata's directors have done the maths. The group controls 53 hotels, a well-oiled development pipeline, and a balance sheet that weathered the pandemic better than many peers. With Irish and UK occupancy snapping back to record levels and RevPAR still climbing, management believes value will only fatten from here. More crucially, the Pandox consortium declined to join the board-run sales process—an early sign, Dalata feels, that the Swedish-Norwegian duo were unwilling to meet the same disclosure and timetable obligations demanded of other bidders. By ducking the data-room drill, Pandox forfeited its opportunity to sharpen the pencil. Clock is ticking for Pandox Under Irish Takeover Rule 2.6, the consortium now has until 5 p.m. (Dublin), 15 July to 'put up or shut up': either table a binding Rule 2.7 offer or announce it is walking away for at least six months. The Takeover Panel rarely grants extensions without compelling cause, so the midsummer deadline is real. What next for shareholders? For the moment, Dalata urges investors to sit tight. Several unnamed suitors remain inside the FSP's tent, each having fired in a non-binding proposal. If any sees strategic or synergistic sparkle that Pandox overlooked, a bidding contest could still break out. Yet nothing is guaranteed. Prospective buyers may balk at the very valuation uplift Dalata is chasing. And while trading momentum is strong, the hotel cycle can turn as swiftly as it recovers; the board's definition of 'full value' may prove elusive if financing costs creep higher through 2025. Still, yesterday's brusque rebuttal sends a clear message: Dalata believes it controls its own destiny—and won't relinquish it cheaply. Pandox must now decide whether to dig deeper or bow out. Either way, the coming six weeks promise to test convictions on both sides of the negotiating table. Read the full article at
