Irish hotel firm Dalata Hotel Group signed an agreement to purchase the 229-room Radisson Hotel Dublin Airport for €83 million ($90.5 million).
Dalata said the deal should close in the first half of 2025, and there is currently a lease on the property that has another 107 years on it. The hotel will be rebranded under Dalata’s Clayton brand.
The seller is CG Hotels Dublin Airport Ltd., and the hotel is currently managed by Windward Asset Management.
One of CG’s owners, Patrick Coyle, also is founder and a former CEO of Windward. Coyle is now is Windward's executive chairman, and he said the firm would continue management of the Radisson until the transaction if finalized.
In a news release, Dalata said the Radisson Hotel Dublin Airport had earnings before interest, taxes, depreciation and amortization pre-franchise fees and management fees of approximately €6.5 million in 2023 with consolidated gross assets of €83 million at Dec. 2023, and [it] "requires limited initial investment as it underwent a significant refurbishment program in 2019."
Shane Casserly, Dalata’s deputy CEO, said the acquisition provided an opportunity to secure a strong revenue-generating hotel in an excellent location.
Dalata now has 57 hotels and 12,258 rooms in Ireland and the United Kingdom with a mix of owned and leased properties under its Clayton and Maldron brands. Dalata's development pipeline has more than 700 hotel rooms.
During its Investor Day on Oct. 15, Dalata said its plan for 2030 is to have 21,000 rooms either open or in development and “to become the largest hotel operator in the 4-star segment of all major cities in Ireland and regional U.K. … with a growing presence in London and Continental Europe.”
Earlier in October, Dalata announced a new round of financing totaling €600 million, comprising €475 million in bank facilities and €125 million from private sources. That month, Dalata also opened its fifth London hotel, the 157-room Maldron Hotel Shoreditch.
In July, Dalata broke ground on the €40 million Maldron Hotel Croke Park, Dublin, which will have 200 rooms and open in 2026.
In its latest half-year 2024 earnings numbers, Dalata posted 6% year-over-year revenue growth to €302.3 million and a 4% increase in adjusted EBITDA to €107.6 million.
Windward has 16 hotels under management in Ireland. All are independent hotels with the exception of the 114-room Park Inn by Radisson Shannon Airport.
Dalata's acquisition isn't the only hotel news at Dublin Airport this month. French hotel firm Accor and London-based Arora Group — which specializes in U.K. airport hotels — broke ground on the €100 million 412-room Sofitel Dublin Airport, according to Ireland's RTE. It is due to open in 2026 and be the first Sofitel-branded hotel in Ireland.