Purchase comes as ground is broken on €100m-plus development of a separate Sofitel beside Terminal 2
It’s being sold by Alan McIntosh of Emerald Investments and Windward Management, which is owned by hotelier Patrick Coyle. Mr McIntosh is a co-founder of Cairn Homes and owns the majority of the hotel.
The net book value of the hotel property at the end of last year was €70.5m, while the net book value of the assets associated with the business was €75m.
Dalata said it will rebrand the hotel, which is situated on the airport campus, as a Clayton. Dalata also operates the Maldron brand. A Maldron hotel already trades at the airport, but Dalata’s operating licence at that property expires in January 2026.
The Radisson Hotel that Dalata is buying has 229 bedrooms, meeting facilities, a bar and restaurant.
Last year, it generated earnings before interest, tax, depreciation and amortisation (Ebitda) of €6.5m. Dalata said it requires minimal investment as it underwent a significant refurbishment programme in 2019.
Today’s News in 90 Seconds – November 6th
Accounts for the company behind the hotel show that it generated revenue of €17.6m last year, which was virtually unchanged from the €17.2m it posted in 2022. It made an operating profit of €3.4m, compared with €3.3m in 2022.
The company had shareholder funds of €33.7m at the end of 2023.
The remaining tenure of the leasehold is 107 years, and the transaction is scheduled to close in the first half of 2025, subject to approval from the Competition and Consumer Protection Commission.
“Dublin remains a strategic growth market for Dalata and this transaction, with the Maldron Hotel Dublin Airport operating licence due to expire in January 2026, represents a very attractive opportunity for the group to secure a well invested four-star hotel, in close proximity to Terminal 2 in Dublin Airport,” noted Dalata.
“This hotel is well positioned to provide hospitality services to Dublin Airport passengers and the greater north Dublin community, supporting both the local and national economies,” said Dalata deputy CEO Shane Casserly.
He added: “The hotel aligns with our investment criteria and offers us the very attractive opportunity to invest and further develop the hotel offering on the overall site, delivering greater investment returns into the future.”
The acquisition comes just as ground was broken this week on a new €100m-plus Sofitel hotel beside Dublin Airport’s Terminal 2. That’s being built by UK hotel group Arora. It marks its first hotel outside the UK and Sofitel’s first hotel in Ireland. The Sofitel brand is owned by Accor.
The hotel will be one of the biggest in the country when it’s completed, with 412 bedrooms, and will be directly linked with Terminal 2.
Arora owns the Sofitel London Heathrow Airport and the Sofitel London Gatwick Airport.
“We are fully focused on improving standards and options for passengers at Dublin Airport and a world class hotel that’s directly linked into Terminal 2 is great news for them,” said DAA chief executive Kenny Jacobs.
