Dalata buys Cork's Clarion Hotel for €35m

Irish hotel group Dalata has acquired the Clarion Hotel in Cork for €35.1 mln.

The four-star property on Lapp’s Quay, with 191 bedrooms and conference facilities, is operated by Merzolt on a 35-year lease. The annual rent of €2.4 mln is subject to five-year upward-only reviews.

Dalata paid cash for the freehold on the property. The transaction is expected to complete later this month.

CEO Pat McCann said: ‘The Clarion is a superb quality hotel finished to a very high specification and one of the finest, if not the finest hotel in Cork City. The asset generates a high quality and secure rental income stream, underpinned by a highly profitable hotel operation.’