Dalata Hotel Group -April 2017 - ISE: DHG LSE: DAL

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Dalata Hotel Group -April 2017 - ISE: DHG LSE: DAL
Dalata Hotel Group – April 2017   ISE: DHG LSE: DAL
Dalata Hotel Group -April 2017 - ISE: DHG LSE: DAL
Disclaimer

 The presentation contains forward looking statements. These statements have been made by the Directors in
 good faith based on the information available to them up to the time of their approval of this presentation.

 Due to inherent uncertainties, including both economic and business risk factors underlying such forward
 looking information, actual results may differ materially from those expressed or implied by these forward
 looking statements. The Directors undertake no obligation to update any forward looking statements
 contained in this presentation, whether as a result of new information, future events or otherwise.

                                                                                                                Page 2
Dalata Hotel Group -April 2017 - ISE: DHG LSE: DAL
Contents

      Overview

      2016 Financial Performance

      Business Review

      Growth Strategy

      Appendices

                                   Page 3
Dalata Hotel Group -April 2017 - ISE: DHG LSE: DAL
Key Messages

    Very strong operational performance in 2016
       Outperformed competition in terms of RevPAR growth
       Converted additional sales very strongly to the bottom line

    Strong performance is delivered by the Dalata business model
       Decentralised approach
       Importance of developing our own people
       Targeted refurbishment programme

    Significant pipeline of over 1,200 rooms on target to open in 2018

    Very exciting growth opportunity in the UK supported by a strong balance sheet

                                                                                     Page 4
Dalata Hotel Group -April 2017 - ISE: DHG LSE: DAL
Dalata | 3 Core Business Segments

         Dublin
         14 Hotels
         3,699 Rooms
         2016 RevPar: € 91.83(+20%)
                                      52% 56% 48%
                                      Group Revenue   Segment EBITDA   EBITDAR Margin

         Regional Ireland
         12 Hotels
         1,637 Rooms
         2016 RevPar: € 63.68(+12%)
                                      24% 17% 26%
                                      Group Revenue   Segment EBITDA   EBITDAR Margin

         UK
         8 Hotels
         1,768 Rooms
         2016 RevPar: £ 59.70(+4%)
                                      23% 24% 39%
                                      Group Revenue   Segment EBITDA   EBITDAR Margin

         Management Fees                   1%              3%
                                      Group Revenue   Segment EBITDA
                                                                                Page 5
Dalata Hotel Group -April 2017 - ISE: DHG LSE: DAL
2016 Financial Performance   ISE: DHG LSE: DAL
Dalata Hotel Group -April 2017 - ISE: DHG LSE: DAL
Dalata | Driving Sustained Strong Performance in 2016

      RevPAR              Revenue             Adjusted EBITDA    Adjusted Diluted EPS
                    €m                  €m                       €
100                                     120                     0.50
                    340
                                                                0.45
         +15%               +29%        110         +36%                  +7%
                    320                                         0.40
90                                      100
                                                                0.35
                    300
                                        90
                                                                0.30
                    280
80                                      80                      0.25

                    260                                         0.20
                                        70
                                                                0.15
70                  240                 60
                                                                0.10
                    220                 50                      0.05

60                  200                 40                      0.00
                                                                               EPS
      2015   2016         2015   2016            2015   2016            2015      2016

                                                                                     Page 7
Dalata Hotel Group -April 2017 - ISE: DHG LSE: DAL
Dalata | Adjusted EBITDA Bridge
 €m
 100                                               11.8       2.6
                                                                         1.3        2.3       0.9           85.1
  90
                                         3.8
  80                          2.5
                   11.5
  70    62.6
  60

  50

  40

  30

  20

  10

   0

  Strong conversion of additional revenue on a ‘like for like’ basis to EBITDAR across all three regions:
        Dublin                     78.2%
        Regional Ireland           73.3%
        UK                         73.8%

  Overall Segment EBITDAR % increases from 39.5% to 41.4% as a result

                                                                                                                   Page 8
Dalata | RevPAR Outperformance in 2016

  19.9%
                                  19.1%

          16.1%                           16.4%

                                                  13.3% 13.3%

                  11.2%
                          10.7%

                                                                              8.7%          9.1%

                                                                5.8%                 5.7%

                                                                       3.7%

                                                                                                   -1.1%           -0.9%

                                                                                                           -3.1%

   Dublin          Galway         Limerick           Cork        Leeds        Manchester     Cardiff        London

                                                Dalata      Market
     Strong performance versus market in Dublin, Galway, Limerick and Regional UK cities
     In line with market in Cork because of impact of significant refurbishment works at Clayton Hotel Silver
     Springs
     London negatively impacted by refurbishment in first half of year at Clayton Hotel Chiswick

                                                                                                                           Page 9
Dalata | Strong Balance Sheet providing covenant for growth

€M                             31 Dec   31 Dec   Increase in tangible assets reflects:
                                2016     2015    ─ €133.2m in acquisitions during the year
                                                 ─ €66.6m net revaluation gain
Non-current assets                               ─ €28.5m capex on existing hotels and new developments
  Tangible fixed assets        825.7    646.1    ─ Counterbalanced by €15.5m depreciation and €33.3m
                                                   translation adjustment due to fall in sterling
  Goodwill and                  54.3     46.8
  intangibles                                    Goodwill and intangibles up by €7.5m following
  Other                         6.6      6.2     acquisition of the Gibson Hotel leasehold (€20.5m) offset
                                                 by goodwill impairment (€10.3m) following revaluation
Current assets                                   uplifts and translation adjustments of €2.7m
  Trade receivables,            17.7     13.1
  inventory and other                            £174.4m (€203.6m) of borrowings in sterling as a natural
                                                 hedge against value of sterling assets and sterling
  Cash                          81.1    149.1    denominated earnings. Undrawn facilities of €52.2m at
Total assets                   985.4    861.3    year end

                                                 Increase in Net Debt to Adjusted EBITDA to 2.40x from
Equity                         620.4    537.3    1.63x due to development and acquisition activity. Will
                                                 increase until mid-2018 when development pipeline is
Bank loans                     280.4    266.1    completed. Target to remain at 3.5x or below
Trade and other payables        53.1     41.2
                                                 Objective is to maintain a strong balance sheet with
Non current liabilities         31.5     16.7    appropriate level of gearing, leading to a strong covenant
Total equity and liabilities   985.4    861.3    for potential landlords/investors

                                                                                                     Page 10
Overview of Hotel Markets   ISE: DHG LSE: DAL
Dalata | Market Review – Dublin

  Savills forecast net additional 3,680 rooms by 2019
                                                                                      2015             2016               2017              2018
                                                                Dublin
                                                                                      Actual           Actual             F’cast            F’cast
  2500
                                                        2,000
  2000                                                          Occupancy             82.1%            82.5%             83.0%              83.8%
                                    1,500
  1500                                                          ARR                   111.96           129.27             138.1             147.1

  1000
                                                                RevPAR                91.88            106.63            114.70             123.2
  500            180
                                                                RevPAR %
     0                                                                                22.9%            16.1%              7.6%               7.4%
                                                                Variance
                2017                 2018               2019
                                                                Sources: 2015 & 2016 Actuals per STR Global; 2017 & 2018 PwC Econometric Forecasts

         Total market size of circa 19,000 rooms

         Significant number of rooms expected to open towards the end of 2018

         New rooms predicted for 2019 subject to doubt due to two primary reasons – planning and funding

         Demand remains strong due to continued economic growth and increased visitor numbers

         6.5% RevPAR growth in Q1 2017

                                                                                                                                                Page 12
Dalata | Market Review – Regional Ireland and UK

  Continuing strong demand from FTIs, domestic corporate
  and domestic leisure customers                                       RevPar Growth             2015    2016    Q1 2017
  No increases in supply and very little supply pipeline
  Strong start to 2017 for all three cities – Galway impacted   Cork                             9.6%    13.3%    8.4%
  by timing of Easter                                           Galway                           13.3%   10.7%    3.7%
                                                                Limerick                         23.4%   16.4%    11.6%

                                                                           Source: Trending.ie

    London had very difficult first half 2016 due to
    combination of impact of European terrorist attacks and            RevPar Growth             2015    2016    Q1 2017
    increased supply. City ended 2016 stronger and also
    very strong start to 2017                                   London                           1.2%    -0.9%    11.3%
    Belfast had very strong second half, helped by re-
                                                                Manchester                       7.5%    5.7%     2.1%
    opening of Waterfront Conference Centre. That has
    carried into Q1 2017                                        Cardiff                          14.2%   -1.1%    4.2%
    Cardiff impacted by having Rugby World Cup in 2015                                           8.1%    3.7%     1.8%
                                                                Leeds
    Manchester and Leeds continue to perform strongly
                                                                Belfast                          11.9%   9.0%     24.5%

                                                                           Source: STR Global

                                                                                                                   Page 13
Business Review
Building a Leading Hotel Owner/ Operator

                                                         Number Owned & Leased Rooms
    Leading hotel owner and operator in Ireland & UK             and Hotels
    with 34 leased/owned hotels
                                                         8,000                                                40
                                                                                                     34
                                                         7,000                                                35
    24 owned, 10 leased and 7 managed hotels under
    two core brands                                      6,000                         27                     30
                                                         5,000                                                25
    Proven, experienced management team with a
    strong decentralised structure
                                                         4,000               15                               20
                                                         3,000
                                                                 12                                           15
    New platform with best-in-class operating systems    2,000                                                10
    and processes
                                                         1,000                                                5
    Strong balance sheet covenant established for next      0                                                 0
                                                                 2013       2014       2015         2016
    phase of growth
                                                                        Room numbers    Number of hotels

                                                                                                           Page 15
Dalata | “The Difference with Dalata”
Our decentralised operational approach
         Dalata’s decentralised structure is core to our management philosophy
         Hotel General Managers are critical players – we continually develop them
         A strong multi-functional team at the centre setting direction, seeking growth opportunities,
         supporting the hotels, and reporting to our stakeholders
         We grow our own – training and development a major focus as there is a need to have a strong pipeline
         of key people coming through
         Having people we know taking up key roles de-risks our business

We focus on what we are good at
         Operating 3 star and 4 star modern well-maintained hotels in cities with strong mix of corporate and
         leisure demand
         Executing transactions to grow our owned and leased portfolio
         Identifying strong locations and developing new hotels on them
         Decentralised revenue management -our revenue managers are informed by systems but always make
         the decisions themselves
         Investing in systems to support our approach to cost control
Owner/Operator Model
         Control of our brand standards
         Security of tenure allows us to build a central team to effectively support and scale our decentralised
         structure
                                                                                                          Page 16
Difference with Dalata at Clayton Dublin Airport

   Currently 469 rooms                               Revenue has increased by 37% in 2 years
   Installed Dalata General Manager who in           EBITDAR up 65% in same period
   turn built up a new team
                                                     Customer satisfaction ratings continue to
   Refurbishment of 160 rooms                        improve
   Rebranded to Clayton, reclassified to 4 star
   Introduced Dalata revenue management
   approach
         Increased level of ‘owned’ business      KPIs                        2014       2016
         from 14% to 32% in 3 years               Occupancy                  82.7%      87.7%
         Renegotiated price levels on
         unprofitable ‘Tour Group’ business.      Average Room Rate (€)      69.71      97.52
         Brought an intensity to maximizing
         revenue every day                        RevPAR (€)                 57.67      85.51

   Introduction of Alkimii Team system has        Total Revenue              16,524     22,636
   helped control payroll cost – payroll cost %   EBITDAR                    6,829      11,270
   down from 26.3% in 2014 to 22.4% in 2016
                                                  EBITDAR %                  41.3%      49.8%

        Construction commences in May on a 140 bedroom extension at cost of
           €15m which is projected to deliver additional €2m in EBITDAR

                                                                                                 Page 17
Drive Portfolio Growth | Over 1,200 new rooms by end 2018
                           Property                        New   Extension   Rooms         Planning         Construction   Completion
Dublin
                                                                                     Lodged      Granted      Started
    2 New Hotels           Clayton Hotel Charlemont         x                 180                     x          x          Q3 2018
      3 Extensions         Maldron Hotel Kevin Street       x                 138                     x          x         Mid 2018
                           Clayton Hotel Ballsbridge                x         30       x                                   Mid 2018
      543 rooms            Clayton Hotel Dublin Airport             x         140                     x                     Q2 2018
                           Maldron Hotel Parnell Square             x         55       x                                    Q4 2018

Regional Ireland           Property                        New   Extension   Rooms         Planning         Construction   Completion
                                                                                     Lodged      Granted      Started
    1 New Hotel            Maldron Hotel Beasley Street,
                                                            x                 150      x                                    Q4 2018
                           Cork
      1 Extension          Maldron Hotel Sandy Road,
                                                                    x         47       x              x                    Mid 2018
                           Galway
      197 Rooms

UK                         Property                        New   Extension   Rooms         Planning         Construction   Completion
                                                                                     Lodged       Granted     Started
     1 New Hotel           Maldron Hotel Brunswick
                                                            x                 237                     x          x          Q2 2018
                           Street, Belfast
     1 New leased Hotel    Maldron Hotel, Newcastle*        x                 264                     x          x          Q4 2018
     501 Rooms

*35 year operating lease

                                                                                                                               Page 18
Growth Strategy
Evolving Strategy

                    2014 - 2016                                2017+

                                                  Maturing into a large hotel company
            Building a portfolio within the        focused on exploiting new growth
                Ireland recovery story                       opportunities

        Identified and exploited cyclical        Operational excellence through revenue
        opportunity to acquire hotel assets      maximisation and driving cost efficiencies
        under replacement cost
                                                 +1,200 new bedrooms by end 2018
        Invested over €1Bn in acquiring almost
        7,000 rooms across Ireland and UK        Maintain Net Debt/EBITDA at or below
                                                 3.5x
        Significant capital refurbishment
        programme commenced from mid 2014        Seek to buy out remaining freeholds of
                                                 leased assets with open market rent
        Built out central management function    reviews

                                                 Infill acquisitions in Ireland and targeted
                                                 leasehold growth in the UK

              Consolidation phase largely
                      completed                          Already well underway

                                                                                               Page 20
Drive Portfolio Growth | UK Strategy

    Become one of the largest hotel operators in the UK through leases and ownership

       Senior team has extensive experience of rolling out a new brand (Jurys Inn) in the UK:
            Acquisitions team sourced, financed and developed over 15 new hotels
            Operations team opened and operated over 20 hotels
       Opportunity exists in the upper 3 star and 4 star markets in large provincial UK cities:
            Market is fragmented - only Hilton and Holiday Inn have any significant presence
            Major brands have moved away from owned/leased to managed and increasingly franchise
             model – can lead to dilution of brand standards
            Dalata is one of the few hotel operators in the 3 and 4 star markets that has a significant central
             office management structure to operate a large portfolio of hotels
            We believe space exists for a fresh new offering
       Carefully assess opportunities to grow Maldron and Clayton brands
            Focus on strong locations in the larger cities
            Strength of location is more important than speed of rollout

                                                                                                         Page 21
Drive Portfolio Growth | Ireland

Ireland: Portfolio Objectives
          Complete existing development pipeline of 740 rooms
          Reach the optimum market share in each of the key urban centres including Dublin, Cork, Limerick
          and Galway
          Seek to purchase freehold interests of leased assets with open market review clauses
          Continue to review existing hotels in portfolio to assess long term suitability

                                                                                                    Page 22
Appendix   ISE: DHG LSE: DAL
Dalata | Strong Full Year Performance

  Increase in ARR drives 14.9% RevPAR growth
                                                               Key Financials €’000        2016       2015
  Strong conversion of incremental sales leads to segments
  EBITDAR margin increasing from 39.5% to 41.4%                Revenue                    290,551    225,673
  Rent increased due to new leasehold assets and               Segments EBITDAR           120,308    89,253
  increases in performance rents. Counterbalanced by           Rent                       (25,453)   (19,167)
  closure of Clyde Court and purchase of freeholds of
  previously leased hotels                                     Segments EBITDA            94,855     70,086
  Continued investment in central team reflected in central    Central overheads          (10,360)   (8,068)
  overheads
                                                               Other income / costs       (13,411)   (15,022)
  Other costs include acquisitions related costs & goodwill
  impairment of €10.3m following upward revaluation of         EBITDA                     71,084     46,996
  assets                                                       Depreciation               (15,477)   (10,039)
  Significant increase in depreciation due to acquisition of   Net finance costs          (11,496)   (8,500)
  new hotels and capital refurbishment programme
                                                               Profit before tax          44,111     28,457
  Net finance costs includes exchange losses on sterling
  balances                                                     Profit after tax           34,923     21,626
KPIs                               2016          2015          EPS (€)                     0.19       0.14
Occupancy                         82.1%         80.2%          Adjusted EBITDA            85,132     62,626
Average Room Rate (€)              97.6          87.0          Adjusted diluted EPS (€)    0.27       0.25
RevPAR (€)                         80.2          69.8

                                                                                                       Page 24
Dublin | Full Year Performance
   Another very strong year for Dublin hotel market with
                                                               All figures €’000                          2016             2015
   RevPAR up 16.1%. Very limited new supply until late
   2018. Demand driven by increased corporate demand
   and continued strength in leisure sector                    Revenue
                                                               Rooms                                    107,370           82,611
   Net 680 rooms added in 2016 through Tara Towers
                                                               Food and beverage                        35,392            30,391
   (Jan), Gibson (Mar) and Clayton Hotel Burlington
   Road (Nov), and Clyde Court closed down end 2015            Other                                     9,183             7,757
                                                               Total revenue                            151,945          120,759
   Outperformed market with RevPAR up 19.9%
                                                               EBITDAR                                  72,992            53,754
   Food and beverage sales up 1% for the year on a ‘like       Rent                                    (19,520)          (14,492)
   for like’ basis (excluding Clyde Court and hotels
   acquired during 2016)                                       EBITDA                                   53,472            39,262
                                                               EBITDAR %                                 48.0%            44.5%
   Rent up as a result of addition of Gibson and Clayton
   Burlington Rd hotels and increased performance rents
   at Ballsbridge and Maldron Dublin Airport hotels,           KPIs                                       2016             2015
   counterbalanced by closure of Clyde Court Hotel             Occupancy                                 85.7%            83.1%

   EBITDAR margin up to 48% due to 78.2 % conversion           Average Room Rate (€)                     107.09           92.18
   of additional sales to EBITDAR on a ‘like for like’ basis   RevPAR (€)                                 91.83           76.57
                                                               KPIs include performance of all acquisitions (except Clayton Hotel
                                                               Burlington Road) for entire of 2016 and 2015

                                                                                                                             Page 25
Regional Ireland| Full Year Performance

                                                             All figures €’000                           2016              2015
   Continuing strong demand from FDIs, domestic
   corporate and domestic leisure customers with no
   increases in supply and very little supply pipeline       Revenue
                                                             Rooms                                      36,100           20,753
   518 rooms added to portfolio through Clayton Hotel
                                                             Food and beverage                          25,174           17,694
   Cork City, Clayton Hotel Limerick and Clayton Hotel
   Sligo in March                                            Other                                       7,193            4,542
                                                             Total revenue                              68,467           42,989
   RevPAR up 11.7%
                                                             EBITDAR                                    18,170            9,695
   Food and beverage up 3% for the year on a ‘like-for-      Rent                                       (1,939)          (1,961)
   like’ basis (excluding hotels acquired during the year)
                                                             EBITDA                                     16,231            7,734
   Significant increase in EBITDAR margin to 26.5% due       EBITDAR %                                  26.5%             22.6%
   to 73.3% conversion of incremental revenue on ‘like
   for like’ basis and addition of Clayton Cork City which
                                                             KPIs                                        2016             2015
   has higher margins on back of very strong RevPAR
                                                             Occupancy                                  74.0%            72.2%
                                                             Average Room Rate (€)                       86.16            78.94
                                                             RevPAR (€)                                  63.68            57.03

                                                             KPIs include full year performance of all Regional Ireland hotels
                                                             regardless of when acquired.

                                                                                                                            Page 26
UK Full Year Performance

   London had very difficult first half due to           All figures £’000                          2016             2015
   combination of impact of European terrorist attacks
   and increased supply. City ended 2016 stronger and    Revenue
   also strong start to 2017
                                                         Rooms                                     37,866           28,931
   Belfast had very strong second half, helped by re-    Food and beverage                         13,440           10,412
   opening of Waterfront Conference Centre. Cardiff      Other                                      4,176            2,813
   impacted by having Rugby World Cup in 2015 while
   Manchester and Leeds continue to perform well         Total revenue                             55,482           42,156
                                                         EBITDAR                                   21,883           16,068
   Croydon Park leasehold was acquired in March 2016
                                                         Rent                                      (3,274)          (1,967)
   leading to an increase in rent
                                                         EBITDA                                    18,609           14,101
   RevPAR increased by 4.4% across the 8 hotels
                                                         EBITDAR %                                 39.4%            38.1%
   Food and beverage sales increased by 2.7%
   (excluding Croydon Park Hotel)                        KPIs                                       2016             2015
                                                         Occupancy                                 81.4%            81.3%
   Converted 73.8% of additional sales to EBITDAR line
   on a ‘like for like’ basis                            Average Room Rate (£)                      73.35           70.35
                                                         RevPAR (£)                                 59.70           57.18

                                                         KPIs include full year performance of all UK hotels regardless of when
                                                         acquired.

                                                                                                                       Page 27
Dalata| Strong Cashflow to Fund Pipeline & Further Growth

                                                    All figures €’000                                     2016            2015
   Illustration of what the business can
   generate in cash to fund debt repayment,
   acquisitions, development activity etc.
                                                    Adjusted EBITDA                                       85.1            62.6
   Maintenance capex averages 4% of turnover
                                                    Net cash from operating activities                    77.8            54.4
   Development capital expenditure is excluded
                                                    Adjusting cash items 1                                 4.0            13.9
   as it either relates to new build hotels,
   extensions,    redevelopment     or   items
                                                    Interest on bank loans (excluding fees)               (8.7)           (9.3)
   identified on acquisition required to bring
   hotels to brand standard
                                                    Maintenance Capital Expenditure                      (11.6)           (9.0)
   Cash conversion is higher in 2015 due to         Cash generated to fund debt
   reduction in working capital resulting from      repayment,    acquisitions and                        61.5            50.0
   more significant acquisition activity in 2015    development activity
   compared to 2016
                                                    Cash conversion                                       72%                 80%

                                                   1 Stock
                                                         exchange listing costs of €1.3m, acquisition costs of €2.7m (2015:
                                                   €15.8m), Ballsbridge site sale €1.9m in 2015

                                                                                                                              Page 28
Dalata | FX Effects

   Sterling exchange rate has significant impact on earnings

        Average exchange rate for 2016 was 0.8266

        Average exchange rate for 2015 was 0.7219

        2016 EBITDA would been have €3.3m higher if 2015 average exchange rate had applied however,
        interest and depreciation would have been higher by €0.8m and €0.7m respectively

                                                                                                  Page 29
Drive Performance of Existing Assets

Revenue maximisation priorities                              Cost efficiency initiatives

     Growing the strength of our brands                            Target 75% conversion of incremental ARR to
                                                                   bottom line
     Continuous focus on improving revenue
     management                                                    Use of Alkimii (bespoke system) to gain staffing
                                                                   efficiencies across the Group
     Develop food and beverage offering with rollout
     of Grain & Grill in Maldron hotels and Red Bean
     Roastery coffee offering in larger hotels                     Upskilling of chefs on food margin management

     Maximise other revenue including rebranding of                Implementation of central purchasing system in
     all leisure clubs to ‘club vitae’ and installation of         2017 to drive economies of scale
     new technology to manage all larger car parks

                                                                   Focus on reduction of energy and maintenance
     Enhance hotel websites and book direct                        costs across the Group
     offerings

                                                                                                            Page 30
Driving Performance of Existing Assets | Investment

          Over €14.75 million invested in 1,380 room refurbishments in 2015 and 2016 (nearly 20% of total
          rooms in two years)
          Forecast €7.9 million in room refurbishments expected in 2017
          Standardised room templates for Clayton and Maldron brands driving investment efficiencies
          Improved product contributing to higher ARR

  Rooms Refurbished   2015      2016      2017     Total

                       373      138       167       678

                       260      610       770      1,640

                                                   2,318

                                                                                                 2016 FY Results
                                                                                                        Page 31
Strong, Complementary Brand Proposition

                Hotels that provide a gateway to a great experience.         Collection of distinctive hotels each with its own sense
               Situated in unrivalled urban and rural locations perfect       of individuality and character providing a home away
  Brand       for visiting local attractions, attending an event, seeing a   from home experience. Service delivered by staff who
               show. Service delivered with a smile and a fun attitude           are warm, engaging, inquisitive and empathetic
Proposition
                      Go further at a Maldron Hotel                                        Your Stay, Your Way

                Generally standard rooms, with family and executive
 Bedrooms                     rooms in some locations
                                                                                    Standard, superior and executive rooms

                                                                               Modern bar, restaurant and coffee dock. Food and
  Food &      Integrated bar and restaurant in some locations. Simple
                                                                             beverage offering based on local influences and freshly
                      menus made from fresh quality produce
 Beverage                                                                                sourced premium ingredients

Conference                     Meeting room facilities
                                                                             Extensive choice of modern meeting rooms and events
                                                                                                   facilities
 Facilities
   Target      Both leisure and corporate with main focus on leisure         Focus on corporate and conference midweek. Leisure,
                                 guests and family                                   functions and weddings at weekend
 Customers
                                                                                                                              Page 32
Dalata | Portfolio
Owned Hotels / Freehold Equivalent                      Lease Agreements
Hotel                                           Rooms   Hotel                                                Rooms
Clayton Hotel Dublin Airport                     469    Clayton Hotel Burlington Road, Dublin                  502
Clayton Hotel Ballsbridge, Dublin                304    Clayton Hotel Cardiff Lane , Dublin (2)                304
Clayton Hotel Leopardstown, Dublin               354    The Gibson Hotel, Dublin                               252
Clayton Hotel Cardiff, Wales                     216    Croydon Park Hotel, London                             211
Clayton Hotel Galway                             195    Maldron Hotel Smithfield, Dublin                        92
Clayton Whites Hotel, Wexford                    157    Maldron Hotel Tallaght, Dublin                         119
Clayton Hotel Silver Springs, Cork               109    Maldron Hotel Galway (Oranmore)                        113
Clayton Hotel Chiswick, London                   227    Maldron Hotel Portlaoise                                90
Clayton Crown Hotel, London                      152    Maldron Hotel Dublin Airport                           251
Clayton Hotel Leeds                              334    Ballsbridge Hotel, Dublin                              400
Clayton Hotel Belfast                            170    Total                                                 2,334
Clayton Hotel Manchester Airport                 365    Management Contracts
Clayton Hotel Cork City (1)                      198    Hotel                                                Rooms
Clayton Hotel Limerick                           158    With Receivers                                        352
Clayton Hotel Sligo                              162    Clarion Liffey Valley Hotel                           352
Maldron Hotel Parnell Square, Dublin             129    Directly with Owners                                  557
Maldron Hotel Pearse Street, Dublin              115    Cavan Crystal Hotel, Co. Cavan                         85
Maldron Hotel Newlands Cross, Dublin             297    Maldron Hotel Belfast                                 103
Maldron Hotel Cork                               101    The Belvedere Hotel, Dublin                           101
Maldron Hotel Limerick                           142    Fitzwilton Hotel, Co. Waterford                        90
Maldron Hotel Sandy Road, Galway                 104    Aghadoe Heights Hotel & Spa, Co Kerry                  74
Maldron Hotel Wexford                            108    Shearwater Hotel, Ballinasloe, Co. Galway             104
Maldron Hotel Derry                               93    Total                                                 909
Tara Towers Hotel, Dublin                        111
                                                        Summary by Hotel Category                   Hotels   Rooms
Total                                           4,770   Owned                                        24       4,770
                                                        Leased                                       10       2,334
                                                        Mgmt Agreement – Receivers                    1        352
(1) Dalata own 191 rooms & lease 7 apartments           Mgmt Agreement – Owners                       6        557
(2) Dalata lease 281 rooms & own 23 rooms
                                                        Total                                        41       8,013

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