Dalata hotel group’s management team paid almost €2m

The executive team at hotel management group Dalata received almost €2 million between them as part of their remuneration packages in 2015, almost double that of the previous year.

The company’s annual report revealed chief executive Pat McCann took home a bonus of €420,000 on top of his €420,000 salary for the year, bringing his total package to €840,000 before shares were included. That compared with €310,000 the previous year. Mr McCann did not take part in the pension scheme in either year.

In 2015, he was awarded options on almost 89,000 shares in the group, which will vest no early than March 2018. He already owns almost 840,000 shares and has options on a further 128,000 dating from 2014.

Deputy chief executive Dermot Crowley received a package totalling €550,000, with a bonus effectively doubling his €250,000 salary and a pension entitlement of €38,000. His additional benefits had a value of €12,000.

Stephen McNally, also deputy chief executive, was awarded the same salary, bonus and pension as Mr Crowley, but with €3,000 in other benefits. The bonus scheme was capped at 100 per cent of salary for the executive team, based mainly on achieving undisclosed targets for adjusted earnings before interest, tax, depreciation and amortisation.

Dalata’s earnings before interest, tax, depreciation and amortisation amounted to €47 million for the year, up from €6.1 million in 2014.

Among its most recent acquisitions was the Clarion hotel in Sligo town for more than €13 million, plans for which were announced in January. It also got approval from the Competition and Consumer Protection Commission to acquire the leasehold of the Gibson Hotel in Dublin, the Clarion Hotels in Cork and Limerick, and the Croydon Park Hotel in south London.