Dalata expects revenue per available room (revpar) for the first half of 2023 to surpass 2019 levels, as it expressed continued confidence for the summer trading period.
he hotel operator said like for like group revpar for the second quarter of 2023 was 11% up from 2022 levels and 28% up from 2019 levels, adding that revpar for the full first half of the year is expected to be 29% ahead of 2019 levels.
Adjusted Ebitda for the first half of the year is expected to be over €100 million, driven by strong trading performance across Dalata’s existing hotels and the continued impact of new hotels as they ramp up.
Dalata noted that its margin performance has continued to improve, with its hotel teams successfully managing the inflationary environment through the use of dynamic pricing, cost management and an increase in sustainability initiatives delivering a reduction in energy use.
Looking ahead, the company expressed confidence for the summer trading period on the back of robust demand across all markets as well as a boost to its corporate and leisure segments due to the return of international travel and sustained domestic demand.
Why it matters
Dalata seems to be bouncing back strongly post-pandemic, both in terms of performance and acquisitions. For 2022, the operator of the Maldron and Clayton Hotels posted pre-tax profit of €109.7 million, swinging from a loss of €11.4 million the year before. This was as revenue rocketed to €558.3 million from 2021’s €192 million. Revpar rose to €102.23, up from €40.02 in 2021 and €93.43 in 2019.
Just this year, it purchased four-star Apex Hotel London Wall for £53.4 million and a 192-bedroom hotel in Finsbury Park for £44.3 million, with the new Clayton Hotel London Wall and Maldron Hotel Finsbury Park due to open in the coming weeks. Dalata also plans to open Maldron Hotels in Shoreditch London, Brighton, Liverpool and Manchester in 2024.
What they said
Dermot Crowley, CEO of Dalata said: “ I am delighted with our performance for the year to date. We continue to deliver on our growth strategy with the exciting addition of two new hotels in London since the start of the year. The excellence of our people, the ongoing strength of demand across our markets and the quality of our portfolio gives me great confidence for the remainder of the year.”