Dalata Hotel Group has announced that it has entered into an agreement to acquire The Tara Towers Hotel in Dublin 4, for a consideration of €13.155 million. Completion of the acquisition is scheduled for January 2016.
Tara Towers Hotel Dublin is a 3 star hotel located on the Merrion Road, Dublin 4 adjacent to the recently developed Elmpark Urban Campus. Facilities at the hotel include 111 ensuite bedrooms, bar, restaurant, car park and meeting/event facilities.
The total size of the site is 1.46 acres.
The company plans to invest up to €4.5 million in an extensive refurbishment programme to convert the property into a modern four star hotel, and will rebrand the Property as a Maldron Hotel.
Profits attributable to the hotel are expected to be €475,000 in 2015.
Dermot Crowley, Deputy CEO Business Development and Finance, said:
“The Tara Towers Hotel is a very well located hotel in Dublin 4 that fits seamlessly into our strategic plan to grow our portfolio within Ireland and specifically the Dublin market. We look forward to upgrading this property in a manner similar to the recent refurbishment of Maldron Pearse Street Hotel which is proving to be a very successful project for us.”