Investment holding company TVC Holdings has sold its stake in hotel group Dalata for €30.4m after the company’s IPO this week.
TVC said it had subscribed €15m for new shares in Dalata’s flotation. It then sold the entire shareholding of 11.08 million and said it made a profit over carrying value of €13.4m.
The Dalata hotel group, which is the largest hotel operator in Ireland and operates the Maldron hotel chain, listed on the ESM market of the Irish Stock Exchange and the AIM market in London yesterday.
Dalata raised €265m in its flotation and said it will use the money to buy a number of new properties in the country.
The company operates 40 hotels with over 6,100 rooms. All of the hotels in the group's portfolio are located in Ireland, with the exception of the Maldron Hotel in Cardiff.
It also operates 12 hotels under lease agreements, one hotel under a long term operating agreement and 27 hotels under short term management agreements.
TVC shares were lower in Dublin trade today.