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Dalata Hotels sees annual EBITDA 'marginally ahead' of market expectations, but outlook remains uncertain
StockMarketWire.com
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Hotel operator Dalata Hotel said it expected core earnings to be 'marginally ahead' of market expectations as cost cuts eased the blow from second-half disruption amid Covid-19 restrictions.
Full-year earnings before interest, taxes, depreciation and amortization, or EBITDA, was expected to be 'marginally ahead of market expectations as the group continues to place a strong focus on cost control and to avail of Government support schemes,' the company said.
During December, bookings had been 'encouraging but are on short lead times,' it added. Occupancy for Q4 was currently projected to be 17% in Dublin, 28% in Regional Ireland and 21% in the UK.
'The outlook for 2021 remains uncertain at present with short lead time on bookings and it is not yet known when international travel will return to more normal levels,' the company said.
Commenting on its development pipeline, the company said a planning decision was expected for Maldron Hotel Croke Park in January 2021. The development was scheduled to commence construction in Q2 2021 with a target opening date of Q3 2023.
In the UK, The developers of Maldron Hotel Birmingham and Maldron Hotel Liverpool were targeting commencement of construction in mid-2021.
'Due to uncertainty caused by the Covid-19 pandemic and its impact on supply chains, there is more uncertainty than usual surrounding the opening dates of hotels in the development pipeline,' it added.
Story provided by StockMarketWire.com
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