Ireland’s largest hotel chain Dalata has projected a rise in revenue and profits this year ahead of opening four new properties in the UK in 2024.
Annual revenue is expected to exceed €600 million, against €516 million in 2022 with adjusted earnings [edbitda] up from €183 million to more than €220 million.
Group revenue per available room (revpar) for the second half of the year is expected to be 3% ahead of 2022 levels, according to a company trading update.
The performance incudes two new hotels in London and one in Amsterdam.
The group aims to open its first hotels in Brighton and Liverpool, a fourth in Manchester and fifth in London next year, adding 834 rooms to the portfolio.
“Development works are progressing well and the hotels are on track to open in mid-2024,” the company said.
“The group is optimistic in its outlook for 2024 with strong lead indicators across our customer segments, including the return of more direct flight connections and the anticipated further recovery in corporate travel.”
Chief executive Dermot Crowley said: “Dalata is on course to deliver another exceptional result this year driven by strong operational performance across our existing hotels and the impact of new additions to the portfolio.
“In our recent first-half results, we set out our firepower potential of €750 million to grow in the medium term beyond our currently announced pipeline.
“Since then, we have secured our second hotel in continental Europe with the addition of the newly rebranded Clayton Hotel Amsterdam American and the acquisition of our first site in Edinburgh where we will develop a four-star Clayton Hotel.
“Our growth ambitions, coupled with strong demand across our markets and our financial capacity to secure attractive opportunities underscores our ongoing ability to deliver value to our shareholders.”