Shareholders for Dalata Hotel Group accepted the acquisition offer from Sweden-based Pandox and Norway-based Eiendomsspar.
First announced on July 15, the takeover bid values the Ireland-based Dalata at €1.4 billion ($1.64 billion). On Thursday, Dalata shareholders voted to accept the bid from Pandox Ireland Tuck Limited, a holding company created by Pandox and Eiendomsspar. Pandox will own 91.5% of Pandox Ireland Tuck while Eiendomsspar will own the remainder.
The percentage of votes accepting the deal and various resolutions pertaining to it ranged between 97% and 100%, according to a Dalata news release.
The next step in the acquisition process is for Dalata officials to present the application for the takeover to the Irish High Court, which will likely be in October.
The process started in March when Dalata said it was looking at how to increase its value, including the possibility of selling the company.
Dalata rejected an initial offer from Pandox and Eiendomsspar of €6.05 per share that valued it at €1.27 billion, but in July it recommended an updated cash offer from the Swedish and Norwegian partners.
The pair's revised bid of €6.45 per share represented a “35.5% premium to the Dalata share price preceding the launch of the strategic review and formal sale process, a 49.7% premium to the 12-month volume-weighted average Dalata share price and an acquisition equity value of €1.4 billion,” Dalata officials said in a July filing.
Once the takeover is finalized, Dalata’s portfolio of 56 hotels and 12,219 rooms — mostly branded under flags Maldron Hotels and Clayton Hotels — will be managed by Stockholm-based Scandic Hotels Group. Of those hotels, Dalata owns 31, 22 are leased and three are managed via hotel management agreements.
Dalata has a pipeline of 1,912 rooms, and it has a target of approximately 21,000 rooms by 2030.
Dalata is maintaining its staff, management and Dublin headquarters.
In the first six months of 2025, Dalata reported a 1% year-over-year revenue increase to €306.5 million, but adjusted earnings before interest, taxes, depreciation and amortization fell 5% to €102.5 million. Revenue per available room for its hotel portfolio in the first half of the year fell 2% year over year to €108.61.
Dalata CEO Dermot Crowley said during the earnings results that “notwithstanding the external commentary of a challenging year for tourism in Ireland, on a ‘like for like’ basis, our RevPAR in Dublin and regional Ireland is at the same level as the same period last year. However, continued increases in costs and especially pay rates puts downward pressure on our margins. The United Kingdom market has been more challenging.”
During the first half of 2025, Dalata completed the €83 million acquisition of the 229-room Radisson Blu Dublin Airport, which it intends to convert into a Clayton-branded hotel in 2026. It also signed its debut hotels in Berlin and Madrid.