Dalata begins operating on main Dublin and London markets

Dalata, the Republic's largest hotel operator, has begun operating on the main markets of the Dublin and London stock exchanges.

Trading in the group’s stock commenced at 8am with shares cancelled on the AIM and ESM markets at the same time.

Irish Stock Exchange director of strategy Aileen O’Donoghue said the company had scaled up significantly and that joining the main securities market would “further enhance their ability to attract investors”.

“We are looking forward to continuing our strong relationship with the company and we wish them every continued success in the future,” she said.

Dalata chief executive Pat McCann said: “Given the considerable growth of the business both financially and operationally we believe that a listing on the main markets is the most appropriate platform for our future development.

“Through this move to the official list we look forward to improving our profile and broadening our investor base further.”

Dalata owns more than 7,700 bedrooms across 42 three- and four-star hotels under the Clayton and Maldron brands.

Twenty of the hotels are owned by Dalata, with 13 operated under lease agreements and nine under management arrangements.

Dalata reported revenue of €225.7 million in 2015 and a pretax profit of €28.5 million.