Dalata Hotel buys Clarion Hotel Cork for EUR35.1m

Dalata Hotel Group has entered into an agreement to acquire the freehold interest in the Clarion Hotel Cork for a cash consideration of €35.1m.

Clarion Hotel Cork is a 4-star hotel located on Lapp's Quay in Cork City centre. Dalata said it will continue to be operated by Merzolt Limited t/a Choice Hotel Group under the terms of a 35-year leasehold agreement with a current annual rent of €2.402m subject to upward only rent reviews at five- year intervals.

The deal is expected to complete this month.

Chief executive officer Pat McCann said: "The asset generates a high quality and secure rental income stream, underpinned by a highly profitable hotel operation."

At 0900 BST, Dalata shares were up 3.1% at 330p.