It was a day of contrasting fortunes for two of Ireland's biggest hotel groups. For Dalata, the proposed acquisition of nine Moran Bewley's hotels for €455 million caps an extraordinary year that came to life in March when it successfully listed in Dublin and London, raising €265 million in the process. Nobody could have predicted such a scenario just 12 months ago.

For Tom Moran (inset) and his family the deal has resulted in losing control of a chain built up over more than 25 years. It comes just a year after the family thought they had escaped the financial grim reaper by finalising a major financial restructuring with their lenders.

Moran at least has the consolation of retaining control of the Red Cow Hotel and pub, where it all started for him in the 1980s. The Red Cow was made famous over the years for the traffic logjam caused by the nearby Newlands cross junction. motorway. Moran and his family will be hoping that they are finally on the right track after a number of instances of running hard to effectively stand still.

He must curse the day he agreed to sign a cheque for €570 million to buy six Bewley's hotels from Bert Allen. It came before the Irish property bubble burst so spectacularly. The economic crash meant it was impossible for the family to repay the debt.

This eventually led to its lenders taking a big chunk of equity in the business in return for debt write-offs. The Morans’ grip on their hotels was thus significantly loosened and Dalata’s knock-out offer couldn’t be fended off.

The Moran chain was extremely well run. All of its properties were profitable, even in the recession.

Dalata chief Pat McCann still has to gain the approval of shareholders for the deal and to get it through competition hoops. But both hurdles should be cleared early in the new year.