Latest news with #JohnHennessy
RTÉ News
7 days ago
- Business
- RTÉ News
Dalata Hotel Group agrees to €1.4 billion takeover deal
Scandinavian property companies Pandox and Eiendomsspar have agreed to buy Ireland's largest hotel group Dalata Hotel Group for €1.4 billion, the companies said today. Dalata shareholders will get €6.45 in cash per share, representing a premium of about 12% to the closing price on June 2 - the day before the Scandinavian hotel investors first disclosed their interest in the Irish company. Dalata had rejected an initial proposal in early June from Pandox and Eiendomsspar, valuing it at €1.3 billion, saying that the price undervalued the group. The latest offer, which has the backing of the board, concludes the Dublin-based company's strategic review that was launched in March to drive up shareholder returns. The cash offer of €6.45 per share also represents a 35.5% premium to the Dalata share price before the launch of its strategic review and formal sale process in March and a 49.7% premium to the 12 month volume-weighted average Dalata share price. Sweden-based Pandox will own 91.5% of the entity taking over Dalata, while Norway-based Eiendomsspar will own 8.5%, 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 UK, and aims to open new hotels in Europe including in Berlin and Madrid. It launched a strategic review in March to explore options for enhancing shareholder value, including a potential sale. The Dalata Board said it believes the acquisition is in the best interests of Dalata shareholders and represents the most effective route to enhance value for shareholders, relative to Dalata's other strategic options which have been considered as part of its strategic review. Dalata said it will retain its staff, management team and Dublin headquarters as it continues to expand as an international hotel group. Dermot Crowley, CEO of Dalata, said the deal represents an exciting new chapter for Dalata in which it will become part of a larger hotel platform and will further accelerate its growth. He said the deal was a "very good fit" as it gives Pandox a large portfolio in Britain and Ireland, and Dalata better access to capital and a larger platform to accelerate growth. Dalata will continue to target new properties in the United Kingdom and Western and Southern Europe, he added. "Our focus remains firmly on our people and our customers. I'm proud to continue to lead our team in close partnership with our new owners. Together, we will unlock new opportunities for the Clayton and Maldron brands as we continue to expand as a leading international hotel company," the CEO added. John Hennessy, Chair of Dalata, said that after a thorough and rigourous strategic review, incorporating a formal sales process, the board has determined unanimously that this transaction delivers compelling value and represents the best available strategic option for shareholders. "We believe that it is the right path forward for all stakeholders, and that it positions the business strongly for its next phase of growth under new ownership," the said. "The value achieved reflects the hard work and professionalism of the exceptional people working in Dalata now and in the past, and we extend our sincere gratitude to everyone in the Dalata Group and to all who have contributed to the journey so far. We look forward to the company's continued success into the future," he added. Pandox CEO Liia Nõu said the portfolio consisted of "well-established and highly profitable four-star hotels in strong locations" that would increase its footprint in key markets. Sweden-based Pandox specialises in the ownership, development and leasing of large hotel assets in major cities across Sweden and northern Europe. It has been expanding its portfolio through acquisitions and leases in key European cities including Stockholm, Berlin and Brussels and its portfolio consists of 163 hotel properties with about 36,000 rooms across 11 countries in Northern Europe. Eiendomsspar is one of the largest real estate owners in Norway and it owns 11 hotels in Norway, with another two hotels under construction. Eiendomsspar controls about 36% of the voting shares of Pandox.
Yahoo
30-05-2025
- Business
- Yahoo
'How hard can it be?' Nvidia CEO on leap to supercomputing
STORY: :: Nvidia's CEO compares his company's push into supercomputing to his mom driving a car :: Stanford, California :: May 29, 2025 :: John Hennessy, Former president, Stanford University 'It's a big leap going from being a graphics company to being a supercomputer company. That's a big leap of different business, it requires a lot more system expertise, more software expertise. So how do you think about assembling a team? Because that really had to change the…" :: Jensen Huang, Nvidia CEO 'It drives all the same way. So first, you (say) 'Hey we can do this.' And so it always starts with this: 'Hey, guys, this we can do this.' And we can do it. So you start with a dream, and the next thing, the next logical leap is: how hard can it be? I always start every meeting with 'Hey guys we should start building cars.' It's sensible, we have computer vision now, you know, planning algorithms (unintelligible). Let's do it. And then somebody goes, 'we don't know anything about cars.' Well, how hard can it be? And so I think the clincher on that one is my mom can drive. HENNESSY: 'Yeah, actually, humans are pretty good drivers. Look at it...' HUANG: 'I know my mom shouldn't, but she can. And so, how hard can it be? And so the supercomputers were all the same thing. You know, we just… A.I., how hard can it be? And so we just kind of just go into it.' His remarks came the same day the U.S. Department of Energy announced that Nvidia and Dell will supply core technology for 'Doudna,' a new supercomputer to be installed in 2026 at Lawrence Berkeley National Laboratory. The event also came amid renewed political scrutiny of Nvidia's global operations, including bipartisan concern in Washington over the company's planned R&D facility in Shanghai.
Miami Herald
16-05-2025
- Business
- Miami Herald
Trader Joe's making huge mistake not copying Walmart, Target
Walk into any Trader Joe's and you know immediately it's going to be a different experience than you'll have in any other grocery store. It's a quirky place that almost looks like it belongs in a different era. The stores are full of colorful hand-drawn signs, produce is displayed on top of wooden crates, and many locations are adorned with wall-to-wall wood paneling. Don't miss the move: SIGN UP for TheStreet's FREE Daily newsletter The old-school aesthetics, cheerful "crew members" and downright chill vibes might draw people in, but what keeps them coming back are the low prices, unique specialty products, and seasonal items. What you won't find in any Trader Joe's is so-called "in-store media," e.g., smart carts, shelf-stocking robots, or digital signage. It's intentional. "Trader Joe's is a store [where] shoppers enjoy shopping. That's about as aspirational as it gets. Adding in-store media risks that experience," wrote John Hennessy, a retail and brand consultant. Image source: Jaclyn Vernance/Shutterstock And according to Inside Trader Joe's podcast hosts, Trader Joe's VP of Marketing Tara Miller and VP of Culture Matt Sloan, the company has no plans to modernize. For one thing, setting up a digital infrastructure would undoubtedly be a huge expense, so it is not something Trader Joe's will prioritize anytime soon. Management says they'd rather invest in product development, employee support, and keeping prices low for customers. But it's not just about the money. Related: Trader Joe's shares new locations coming soon "There's another cost that's not a financial cost, but it's a cost. It's about values," Miller said. "For us, one of our values is providing a 'wow' customer experience, and that requires being connected as human beings to each other, as crewmembers, as customers." You won't get that connection from a screen, Miller and Sloan insist. On the other hand, American shoppers don't seem to be turned off by in-store ads, at least according to one recent survey. When Vistar Media, an ad platform that specializes in digital out-of-home advertising, surveyed 2,000 adult shoppers, they learned that one-third of them admitted in-store ads made them "stop and look." And only 4% reported that the in-store ads "detracted" from their shopping experience. Most shoppers felt either "positive" or "neutral" toward the ads. Even if Trader Joe's learned that shoppers just loved those screens, it might not make a difference. More retail: Walmart CEO sounds alarm on a big problem for customersTarget makes a change that might scare Walmart, CostcoTop investor takes firm stance on troubled retail brandWalmart and Costco making major change affecting all customers As retail consultant Gary Sankary observed in Retail Wire, "they don't have e-commerce, they don't have home delivery, and they don't have screens in stores. What they do have is packed parking lots and legions of loyal customers. Myself included. Let Joe be Joe." Still, there is certainly a lost opportunity for Trader Joe's in e-commerce, and they might be missing potential consumers, both geographically and demographically, by not offering delivery or click and collect. The e-commerce grocery delivery business is $100 billion in the U.S., and the click-and-collect market is around $50, according to emarketer. Another factor that sets Trader Joe's apart is that, unlike pretty much every other business in the world, Trader Joe's doesn't care about collecting customer data. "We sell know what [customers] buy based on what it is that we sell. We're not tracking our customers' behavior," Sloan said on the podcast. Related: Trader Joe's shares new locations coming soon "Once a retailer starts collecting data on you, they're probably going to figure out new ways to monetize it. That's what's happening now with so-called retail media," he added. For its part, Trader Joe's doesn't care if showing shoppers a digital billboard featuring its new Sparkling Matcha Lemonade increases the likelihood that they'll purchase it. They prefer to measure sales the good old-fashioned way: by looking at the shelves. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Irish Times
30-04-2025
- Business
- Irish Times
Dalata announces new Madrid hotel ahead of AGM
Hotel group Dalata is to open a new hotel in Madrid, expanding its operations in another gateway city in Europe. The company announced a lease deal with Grupo Insur that will see Dalata develop a new four-star hotel in Madrid under the Clayton brand. Situated in Valdebebas, close to the Adolfo Suárez Madrid-Barajas Airport, the 243-bedroom hotel is due to open in the first quarter of 2029. Dalata will operate the hotel through a 15-year lease term, with two five-year tenant extension options. 'Madrid is a leading global travel destination and is a key strategic location in our European expansion strategy,' said deputy chief executive Shane Casserly. READ MORE 'We are very excited to have secured such an attractive opportunity in one of our target cities in Europe and we look forward to working in partnership with Grupo Insur one of Spain's leading real estate companies, to successfully deliver this exciting project.' The hotel group is holding its annual general meeting in Dublin today. John Hennessy, chair of Dalata, said the group had made 'great progress' in expanding its presence in the UK, the opening of four new Maldron hotels in London, Manchester, Liverpool and Brighton. 'Our pipeline of over 1,800 rooms also includes Maldron Hotel Croke Park, Dublin and Clayton Hotel St Andrew's Square, Edinburgh, which we expect to open next year and the Group is in advanced detailed discussions on further opportunities in Berlin and London,' he said. Although preliminary results predicted 'like for like' group revenue per room and Dublin revenue per room to be 2.5 per cent and 5 per cent respectively ahead of the first quarter in 2024, trading in March was lower than expected. The group said revenue per room on a 'like for like' basis for the four-month period between January and April would be in line with 2024, and ahead by around 3 per cent for Dublin. The group expects revenue per available room over the next couple of months to weaken compared to May and June last year, following an 'exceptionally strong' event calendar in 2024. The group also said it would watch for any impact on its business from the ongoing political turmoil, and the fall-out from the US tariff plan. 'Given what we know today, we remain confident in our outlook for the economy and the hospitality industry within it,' Mr Hennessy said. 'We recognise the uncertainty around tariffs but note the economy is in a healthy position with a significant Government surplus and strong employment growth.' He also welcomed the suspension of the passenger cap at Dublin Airport and the introduction of the Short-Term Letting and Tourism Bill which will require all short-term accommodation providers to be registered. Looking at the UK, revenue per room in the year to date is 2.5 per cent behind the same period last year on a like for like bassi, with properties hit by a reduction in transient leisure demand. A strategic review of Dalata's business announced in March is ongoing.
RTÉ News
30-04-2025
- Business
- RTÉ News
Dalata Hotel Group to open its first hotel in Spain
Dalata Hotel Group, the country's biggest hotel group, has today announced a deal which will see its first hotel open in Spain. Dalata, which operates the Clayton and Maldron hotel chains, said it has agreed with Grupo Insur to lease a new 4-star Clayton hotel to be developed in Madrid. The hotel will be situated in Valdebebas, which is adjacent to the Adolfo Suárez Madrid-Barajas Airport, the fifth busiest airport in Europe. Grupo Insur is a Spanish real estate company in operation for over 75 years and it is listed on the Madrid stock exchange. Due to open in the first quarter of 2029, the full-service Clayton Hotel, will include 243 bedrooms, a restaurant, bar, meeting and events, outdoor pool and a gym. When the hotel is built, Dalata will start operations of the hotel through a 15-year lease term, with two five-year tenant extension options. It said the rent, with a guaranteed minimum, includes a ramp up period for the first three years and thereafter will be determined by the revenue performance of the hotel. Dalata said the signing of the agreement for lease in a major European City, which has become one of the world's top tourist destinations, further demonstrates its ability to increase its footprint and is consistent with a strategy of targeting locations in Gateway cities in Europe. Dalata Hotel Group also holds its AGM in Dublin today and shareholders will hear that the company has delivered a strong operating performance with revenue growing to €652m. John Hennessy, Chair of Dalata, will tell the AGM that the company has made great progress in expanding its presence in the UK with the opening of four new Maldron hotels in London, Manchester, Liverpool and Brighton. It has also secured two agreements for lease, in London (Clayton Hotel Old Broad Street) and Edinburgh (Clayton Hotel Morrison Street), both expected to open in 2028. He will say the acquisition of Radisson Blu Hotel Dublin Airport remains subject to a detailed review by the CCPC and the company is waiting for a final decision upon the conclusion of their review. "Our pipeline of over 1,800 rooms also includes Maldron Hotel Croke Park, Dublin and Clayton Hotel St Andrew Square, Edinburgh which we expect to open next year and the group is in advanced detailed discussions on further opportunities in Berlin and London," he added. Mr Hennessy said the company had expected like for like group RevPAR and Dublin RevPAR to be 2.5% and 5% respectively ahead of last year for the first quarter of 2025. But he said that trading in March (the most significant month of the first quarter) turned out to be lower than projected due to a slower pick up than anticipated in transient leisure business. "RevPAR on a like for like basis for the four-month period January to April will be in line with the equivalent period in 2024 for the group and ahead by circa 3% for Dublin," he added. The Dalata chairman will also tell the AGM that the company's strategic review - announced on March 6 - is ongoing and shareholders will be updated in due course.
