L+R joint venture reportedly preferred bidder for Dalata takeover

Dublin-based Dalata, which owns and/or operates 55 hotels, announced it was undertaking a strategic review back in March, which could include the sale of the business.

Now according to Green Street News, a joint venture between L+R and Davidson Kempner is nearing preferred bidder status. The duo is believed to be in competition with other big industry players including Starwood Capital, whose portfolio includes the 1 Hotels and Treehouse brands, and KSL Capital Partners, parent company of The Pig Hotels.

The L+R and Davidson Kempner joint venture is being led by L+R group chief executive Cody Bradshaw and Romain Ferron, a partner at Davidson Kempner. Both previously worked in senior roles at Starwood Capital.

Earlier this month, Dalata rejected a £1.1bn buyout proposal from Scandinavian property companies Pandox AB and Eiendomsspar AS.

Dalata operates a portfolio of 55 hotels in central locations, including 30 owned hotels which are valued at €1.7 billion including assets under construction, 73% of which relates to hotels in Dublin and London.

by Eamonn Crowe