Dalata Hotel Group has bought two hotels in Dublin city centre, the company's first acquisitions since its flotation in March.
The hotel group said it had bought the freehold interest in the Maldron Hotel in Parnell Square for €15.3m, while it also announced a deal to buy the Pearse Hotel in Pearse Street for €14.4m. The deal includes adjoining retail and office properties.
The Maldron Hotel Parnell Square is a 3 star hotel with 126 rooms as well as a bar/restaurant and two conference rooms.
The hotel has been operated by the group since August 2007 under the terms of a 25 year leasehold agreement with an annual rent of €1.1m a year subject to upward only rent reviews at five year intervals. The next rent review is due in March 2017.
Facilities at the Pearse Hotel include 101 en-suite bedrooms, bar/restaurant and five conference rooms. It reported profits of €0.7m last year.
Dalata said it plans carry out an extensive refurbishment programme and restore the property to a high quality four-star hotel. The hotel will be re-branded as Maldron Hotel Pearse Street.