Norwegian group builds 5.45% stake in Dalata [Video]

Norwegian property group Eiendomsspar has acquired a 5.45% stake in Dublin-headquartered hotel group Dalata.

Eiendomsspar now owns nearly 11.7m shares in the operator of the Clayton and Maldron hotel brands after increasing its stake from 4.06%.

The company first disclosed its interest in Dalata at the end of October when its stake rose above 3%.

Eiendomsspar also owns a 25% stake in Swedish hotel property group Pandox, which owns and leases 159 hotels across Europe, including locations in Dublin, Cork, Galway and Belfast.

The Oslo-based firm also includes a 14.7% stake in the Scandic Hotel Group in its portfolio, which runs 264 hotels.

Shares in Dalata are trading at €4.44 on Euronext Dublin and have fallen about 5% this year. The group’s market capitalisation is around €950m.

Dalata, which recently agreed to sell the Clayton Whites Hotel Wexford to Neville Hotels for €21m, announced a €600m debt refinancing last month.

The group secured a green term loan facility of €100m …