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Dalata Hotel Group
Potential in comps only - Consortium lodges €1.3 billion bid for hotels group Dalata
News | Consortium lodges €1.3 billion bid for hotels group Dalata
A consortium of Swedish hotels group Pandox and Norway's Eiendomsspar has submitted a joint €1.3 billion bid to buy Irish and UK hotels group Dalata.
In a stock market filing, the consortium said the bid was a possible all-cash offer for the share capital of Dalata. The cash offer is set at €6.05 per ordinary share, valuing the company at approximately €1.3 billion.
The filing said that is a 27.1% premium to the closing share price of €4.76 on 5 March, the last trading day prior to Dalata's announcement of a strategic review and formal sale process for its business.
Eiendomsspar owns 8.8% of the issued ordinary shares in Dalata. The filing said the consortium is likely to form a company that will be indirectly owned or controlled by Pandox and Eiendomsspar.
The consortium has not participated in the ongoing sales process to date and has formulated and submitted the proposal independently, "reflecting its interest in Dalata and its belief in the strong strategic and financial merits of a combination", it said.
The consortium added: "As established hotel investors with deep knowledge of the European hospitality sector, and experience from successfully executing similar transactions in the UK and Ireland, the consortium is well-positioned to support Dalata's business and long-term growth ambitions. The consortium is currently in negotiations with a reputable European hotels' operator to conclude a framework agreement for the operation of the Dalata hotels should the consortium acquire Dalata. Such operator shares the consortium's commitment to long term profitable and sustainable growth."
Established in 2007, Dalata has grown into a leading independent four-star hotel platform in the UK and Ireland with a growing presence in Continental Europe and with plans to expand its portfolio. The group is listed on the main market of Euronext Dublin and the London Stock Exchange.
It operates a portfolio of 55 hotels including 30 owned hotels which are valued at €1.7 billion including assets under construction, 73% of which are hotels in Dublin and London. It also operates 22 leased hotels, the majority of which are on long-term institutional lease agreements with a weighted average lease length of 29 years and rent cover of 1.7 times. Dalata also operates three managed hotels.
The company reported record revenue for 2024 of €652.2 million, adjusted earnings before interest, taxes, depreciation and amortisation of €234.5 million and adjusted EBITDA of €173.2 million.
Pandox was founded in 1995 and has been listed on Nasdaq Stockholm since June 2015. In August last year it completed the acquisition of three Residence Inn by Marriott aparthotels in central London for £230 million, representing a 7% yield. According to its website it now owns 159 hotels in mid-range, upper-mid range and premium segments, with approximately 35,800 rooms in 12 countries. Eiendomsspar is a Norway-based real estate manager and developer.