Scandinavian property companies Pandox and Eiendomsspar have agreed to buy Ireland's largest hotel group, Dalata Hotel Group, for €1.4 billion ($1.6 billion).
Sweden-based Pandox will own 91.5 percent of the entity, taking over Dalata, while Norway-based Eiendomsspar will own 8.5 percent, the companies said in a statement.
Pandox's long-term operating partner, Scandic Hotels Group AB, will become an operating partner for the existing Dalata portfolio, they added.
Dalata operates 55 hotels under the Maldron Hotel and Clayton Hotel brands, mostly in Ireland and the United Kingdom, and aims to open new hotels in Europe including in Berlin and Madrid.
Dalata will retain its staff, management team and Dublin headquarters as it continues to expand as an international hotel group.
