TVC sells stake in Dalata hotel group for €30.4m

Investment firm TVC Holdings said it had sold its stake in hotel group Dalata for €30.4 million following the company's recent IPO.

The firm said this morning it had subscribed €15 million for new shares in Dalata’s flotation, subsequently selling the entire shareholding for and realising a profit over carrying value on disposal of €13.4 million.

Dalata, which was founded in 2007, operates 40 hotels, including the Maldron chain.

The Irish hotel operator raised €265 million in its initial public offering earlier this week, listing its shares in Dublin and London. The proceeds will be used to acquire a portfolio of some 16-25 hotels throughout Ireland and to pay down debt of €4.1 million.