Ireland's biggest hotel group, Dalata, has announced that it has agreed to purchase the freehold interest on its Clarion Limerick Hotel for €8.5 million.
The group has also announced it has finalised the acquisitions of hotels in Cork and Dublin 8. The Clarion Limerick Hotel, a 4-star property located at Steamboat Quay in Limerick city centre, will be rebranded as a Clayton Limerick Hotel later this year.
The hotel comprises 158 bedrooms, a bar and restaurant, a leisure centre and extensive conference room facilities. The company acquired the leasehold interest of the hotel in March 2016.
Dermot Crowley, Dalata's Deputy CEO Business Development and Finance, said: “We are very happy with the performance of the the Clarion Limerick Hotel since we acquired its leasehold interest in March. The Limerick hotel market continues to recover strongly.
"The purchase of the freehold interest is consistent with our stated strategy of buying the freehold of our leased hotels that have unfavourable open market rent review clauses. We look forward to rebranding the hotel as Clayton Limerick Hotel later this year.”
Dalata last week announced it will move on the the Main Market of the London Stock Exchange.
