Tetrarch mulls IPO or refinancing as development programme gathers speed

George Sell George Sell Uploaded 24 August 2016

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Ireland: Tetrarch Hospitality is looking at various refinancing options, including floating the company.

Tetrarch has submitted plans for a 159-unit aparthotel off Dublin's Pearse Street, as well as a 158-bedroom budget boutique hotel at Sackville Place, and is putting together an application for a 250+ room hotel on Townsend Street.

Tetrarch Hospitality managing director Damien Gaffney said the company would consider "some form of capital event" in the right circumstances. This could take the form of raising equity or a refinancing of the group, in 2018 at the earliest.

Gaffney told the Sunday Independent: "On the hospitality side, I think there's definitely a discussion that we've had about raising additional capital - but I think we really wanted to get out of the ground on the development assets that we have. The market is obviously very volatile at the moment, because of Brexit. You don't see too many IPOs happening because everything seems to be at a standstill. At this moment in time, it's impossible to know. I think for us we're fairly open to it (an IPO). But we're well capitalised at the moment, we don't have any urgent need for fresh capital."

The group's hospitality assets include the Citywest Hotel, Mount Juliet, the Marker in the Dublin docklands and Powerscourt in Wicklow.

tetrarchcapital.com

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