Hotel operator Dalata is to invest up to €25 million in a new share buyback scheme, the company said on Tuesday.
This is the latest such move by the company, which operates the Maldron and Clayton brands. Last month, Dalata said it would invest up to €30 million in a buyback programme. The company announced on Monday that it had concluded that programme.
The announcement came as Dalata issued an update on trading, with positive momentum in trading for September and October. The group said revenue per available room (RevPar), a key industry measure, would grow 2 per cent year on year for the two months. That performance will vary by region though, with regional Ireland performing better at 4 per cent, while Dublin and the UK portfolio rising 1 per cent.
The UK growth is being driven by two hotels Dalata added in London last summer. Overall, corporate revenues remained robust, the company said, in line with last year.
Looking to the rest of the year, Dalata said it was optimistic about its prospects as corporate business continued to return and leisure demand was strong.
“Our recent UK growth has been compelling with 11 hotels added in target cities since 2021, almost doubling our UK footprint,” said Dalata chief executive Dermot Crowley. “Continental Europe represents an exciting pathway to expand the group’s footprint. I am excited about Dalata’s long-term outlook and this is underscored by our ambition of having 21,000 bedrooms either open, or in development, by 2030.”
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
