DAVY VIEW

Dalata has announced that it has purchased the Radisson Hotel Dublin airport for €83m. The 229-bed hotel is located on the airport campus and has planning for additional development. It generated c.€6.5m of EBITDA last year and the group will acquire it for €83m. The hotel has been invested in recently. This looks to be another positive acquisition for Dalata. Demand for travel through Dublin airport remains exceptionally strong and it benefits from US pre-clearance. There have also been positive developments in the removal of the passenger cap this week. As previously announced, Dalata will exit its 251-bed leasehold Maldron in January 2026, so this acquisition will reinforce its strong operating position near the airport. We believe there is significant scope for Dalata to improve the profitability of this asset over time given its expertise in hotel operation and its development capabilities.