The Radisson Hotel is a four-star property that features 229 bedrooms, extensive meeting and event facilities. Credit: Pavel L Photo and Video/Shutterstock.

Ireland-based hotel operator Dalata Hotel Group has exchanged contracts for the acquisition of CG Hotels Dublin Airport, which holds the long leasehold interest in the Radisson Hotel, Dublin Airport.

The €83m ($90.46m) deal is subject to customary conditions and regulatory approval.

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Dalata Hotel Group CEO Dermot Crowley said: “This acquisition is an exceptional opportunity in a vibrant hotel market. We will continue to balance disciplined growth, capital efficiency and financial strength with returns to shareholders.”

Situated on 4.4 acres at Dublin Airport, the Radisson Hotel is a four-star establishment with 229 bedrooms and full amenities, including meeting and event facilities.

Last year, the hotel reported an EBITDA pre-franchise and management fees of approximately €6.5m, with consolidated gross assets of €83m, as of December 2023.

The hotel underwent significant refurbishment in 2019 and requires limited initial investment.

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The Radisson Hotel also holds two significant planning approvals, presenting future development opportunities.

The transaction is expected to close in the first half of 2025, pending approval from the Competition and Consumer Protection Commission (CCPC).

Upon completion of the transaction, the hotel will be rebranded as a Clayton hotel.

Dublin is a key market for Dalata’s strategic growth, and this acquisition is particularly attractive as the operating licence for the Maldron Hotel Dublin Airport is set to expire in January 2026.

The leasehold for the Radisson Hotel has 107 years remaining. The acquisition enables Dalata to secure a well-invested four-star hotel near Terminal 2 of Dublin Airport.

Dalata Hotel Group deputy CEO Shane Casserly said: “The acquisition of this hotel is a compelling opportunity to secure a strong revenue-generating hotel, in an excellent location. This hotel is well-positioned to provide hospitality services to Dublin Airport passengers and the greater north Dublin community, supporting both the local and national economies.

“The hotel aligns with our investment criteria and offers us the very attractive opportunity to invest and further develop the hotel offering on the overall site, delivering greater investment returns into the future.

“Our advisers are ready to engage with the CCPC immediately and subject to their approval, we look forward to welcoming the hotel and our new colleagues into Dalata in the first half of 2025.”