Good day, and thank you for standing by. Welcome to the Dalata Hotel Group 2024 full-year results conference call and webcast. At this time, all participants will be in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, please press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please note that today's conference is being recorded. I would now like to turn the conference over to your first speaker, Mr. Dermot Crowley, CEO. Please go ahead. Thank you, and good morning, everyone. Thank you for joining us today as we announce our full-year results for 2024. I am joined by our Deputy CEO, Shane Casserly, and our CFO, Carl Phelan. As you will have seen, we released a second announcement this morning on which I will now give you some background. The board have unanimously decided to undertake a strategic review to explore the various strategic options available to optimize capital opportunities for the group and to enhance value for shareholders. The options will include, but not be limited to, continuing the group's existing strategy, further actions to improve shareholder value, returning further capital to shareholders, selling the entire issued share capital of the group, or undertaking some other form of merger or comparable corporate action. We have announced a strong set of results this morning, so it's important to say we are going into this process from a position of strength. Alongside the board, the executive directors, myself, Shane, Carl, and Tess are fully behind this process. I am personally very excited by our 2030 vision. We have an investment management platform in place to deliver this strategy, but access to capital is essential to achieve that vision. A thorough strategic review will enable us to assess the available options to increase our access to capital and enhance shareholder value. During the process, we will remain focused on the underlying business, continuing to take care of our people, and continuing to meet the expectations of our customers. As one option to be explored as part of the strategic review process is a potential sale of the group, this process is governed by the Irish Takeover Panel rules. These rules limit what we can say and we cannot comment beyond what is inside the public announcement. As indeed, this call has to be chaperoned by our advisor, as with any engagement with shareholders in the period ahead. As normal, we are happy to take questions on our results at the end of the presentation, but I would ask that during the question and answer, please confine your questions to the results and routine trading issues only. I will now move on to our results announcement, and I will begin by covering our main highlights for 2024 before passing on to Carl, who will describe our financial review and market overview, while Shane will take us through our growth strategy. I will then bring you through the outlook and make some concluding remarks. Moving to slide four of the deck. Before we jump into the actual highlights of 2024, I would like to remind everyone of our growth strategy as outlined in our 2030 vision last October. We have set an ambitious target of achieving EUR 20,000 to open our development by 2030 and aim to become the leading four-star operator in our target market across Ireland and the U.K. We believe that we are a market-based platform that can deliver this vision, but as outlined earlier, capital is essential to achieve it. Shane will go through our growth strategy for 2024. Moving to slide five. Let me take you through that management platform built to our surprise to future growth. The foundation of our platform are our people empowered by a decentralized operating model. At the core of the platform is our culture of integrity, fairness, inclusion, and innovation. We place a strong emphasis on learning and development through our Dalata Academy, which ensures we continue to deliver a great guest experience and provide a pipeline of skilled people to resource and de-risk new hotel openings. Our central office specialized service platform drives slightly, which was a strong performance given the headwinds across our markets. I am particularly happy that our innovation and efficiency projects continue to deliver productivity gains for the group. We achieved a like-for-like hotel EBITDA margin of 40.9% compared to 42.3% a year ago. Without a relentless focus on finding smarter ways of working, our margin would have dropped a further 75 basis points. Critically, we achieved this productivity while also increasing our customer and employee engagement scores. Adjusted EBITDA was also up 5% to EUR 234.5 million. This year, we disposed of two regional Ireland hotels for consideration of just under EUR 30 million. This was a very attractive return for the group and represents a 17% increase on their most recent book valuation and a 57% increase on our original investment. The proceeds from these disposals were used to partially fund two share buyback programs, which totaled EUR 55 million, the latter of which was completed in January of this year. In October, we successfully refinanced the group's debt facilities, increasing their overall size by 20%. Today, we are announcing agreement for lease for a 256-bedroom Clayton Hotel on Morrison Street in Edinburgh, which will complement our Clayton Hotel currently under construction on St. Andrew's Square. We are really excited by the potential Edinburgh offers us as a hotel market. We are also proposing a final dividend of $0.084 per share, representing a 5% increase on last year's dividend. Moving to slide seven. For those of you who attended or watched our capital markets day presentation, you will be aware of the huge progress we have made in the last two years on our approach to our brands and digital marketing. We have transformed our strategy to take a data-driven, technology-powered approach, resulting in streamlined processes, enhanced online visibility, and measurable growth. We have greatly optimized and overhauled all of our digital marketing activity, eliminated all manual reports, and have consolidated over 100 ad accounts to just five high-impact accounts. We have streamlined our social media presence, and with fundamentals now in place, our priority will be to drive direct bookings over the next three years. We launched refreshed websites, moving from 59 individual sites to six consolidated next-generation sites developed for functionality and customer impact. Turning to slide eight, which provides a great overview of our operational and strategic success in recent years. Carl and Shane will take you through each in further detail, so I will just touch on the evolution of our business here. In summary, our revenues have consistently grown since the end of COVID, as has our adjusted EBITDA. After two years of strong growth, our free cash flow has fallen back in 2024 for specific reasons that Carl will outline later. We are lowly geared and increasingly asset-backed, while the changing geographical mix of our portfolio reflects our ambition to become a financial multinational company. Moving to slide nine. Our EUR 1.7 billion asset-backed balance sheet remains the foundation of our strategy and provides the platform for our goals. In 2024, we invested over EUR 25 million in our existing hotels to help ensure our guests receive an exceptional and consistent experience across our portfolio. We are comfortable at an average level to find our external bargaining components of between 2-2.5 times net debt to EBITDA after grants. The low level of gearing together with EUR 365 million of cash and undrawn facilities demonstrates our strong financial position. We continue to allocate capital to opportunities that deliver strong returns for our shareholders. I am especially excited about the development projects currently underway, our new hotel in Edinburgh, and the extension to our current hotel. Purchase of the Radisson Blu Hotel at Dublin Airport with its considerable development potential is also very exciting. This transaction is subject to the approval of the CCPC in Ireland. Finally, shareholder returns are continuously assessed as part of the balanced capital allocation strategy. 2024 was the first year we ever engaged in share buyback. In September, we announced a EUR 30 million buyback followed by a further EUR 25 million in October, utilizing proceeds obtained over our two weeks with ourselves. In total, we spent EUR 55 million and canceled approximately 6% of our shares in issue at an average share price of EUR 4.25. We paid an interim dividend of EUR 0.041 per share, and as I mentioned, we are now proposing a final dividend of EUR 0.084 per share, representing a 5% increase on last year's final dividend. I will now hand over to Carl, who will bring you through the financial review and market overview. Thank you, good morning, everyone. I'll turn next page at the let me start that. As Dermot already mentioned, we've delivered a very strong trading performance. Our new hotels in 2023 and 2024 have delivered growth, and our existing hotels have responded very well to market factors and to compensation to limit the impact on the bottom line. We have grown both our revenues and our adjusted EBITDA, which grew by EUR 11.4 million. The growth was driven by fully earmarked of 2023 additions of Clayton London Wall, Clayton Amsterdam American, and Maldron Manchester City, and the newly opened 2024 hotels, which altogether contributed about EUR 14 million on an uplift to the adjusted EBITDA. The 24 hotels, Modern Hotel Manchester, Cathedral Quarter, Modern Hotel Liverpool, Modern Hotel Brent, and Modern Hotel Shoreditch in London, opened between May 2024 and August 2024 and contributed EUR 3.3 million to the adjusted EBITDA before rent. While it's early days and only commencing our ramp-up within 2024, we are very happy to be the excellent additions to the group led by the experienced teams. Those of you who attended our capital markets day will have seen the strength and experience of that team at Modern Shoreditch. Large increases in entry-level pay rates have, as expected, put pressure on margins. Coming into 2024, minimum pay rates were increased by the respective governments by just under 10% in the U.K. and in Ireland by just over 12%. Labor costs represent over 40% of our hotel costs, and approximately 50% of our pay are directly impacted by increasing minimum rates. Even a lower rate for our growth trading environment, which I'll touch on in a moment, our like-for-like EBITDA margins declined by 140 basis points versus 2023 to 40.9%, with a reduction bottom line in hotel EBITDA like-for-like hotels by just over EUR 7 million. Despite that decline, I'm really very pleased that in a period when revenue growth has been slower, the outstanding work across the business to limit the impact of these increases and indeed outperform the margin on rate growth has been excellent, and I'll provide a bit more color on that shortly. As Dermot mentioned, we refinanced our debt in October, which increased our facility by EUR 100 million and delivered our North Road 5 placement. The refinancing led to an accounting charge of EUR 7.5 million, broadly representing the remaining unworn-out costs of that previous facility and the cost of the new facility. Interest and finance costs were up in the final quarter of the year following the expiry of our favorable interest rates. We had effectively lifted the value rate on our old sterling term loan to 1% until October 2024. In our low-level gearing, we've edited the margins under our license. Because of this and swaps for most of the year, the average rate of interest we paid on our balance sheet in 2024 was 3.3%. The wages average are due on our new property today, but now 44% due on the new estate. Profit after tax of almost EUR 80 million and by now EUR 11.5 million due primarily to the low EBITDA increases in accounting charges from portfolio growth and the refinancing I just mentioned. Slide 12 and looking at how revenue performed in 2024. On a like-for-like basis, rent margin for the group increased by 1%, which had improved through the year after a challenging first quarter. The group's like-for-like hotels achieved occupancy of just over 80%, marginally ahead of the same period in 2023, and an average room rate of EUR 144, which was 1% up from previous year. There was a mixed performance across the regions that is set out in the middle graph. Ireland had a more challenging year for a couple of reasons. RevPAR for our Dublin hotels was back 1.4%. It was impacted by the digestion of new supply into the market in 2023 and 2024, including the completion of COVID-delayed projects, which put pressure on both rates and occupancy, particularly in quarter one. Not least when the market had been impacted by an additional 4.5% VAT put in place in September 2023. Performance improved as the year progressed, and we are very pleased that we outperformed the market, and I'll touch on Dublin a little bit more at the market in a moment. RevPAR for regional Ireland decreased by 0.5%. This was despite an increase in average room rate of 3.2%, as it was offset by a decline in occupancy of 290 basis points. This was a very strong performance given the additional 4.5% VAT in September 2023. The U.K. portfolio continued to perform well, with RevPAR of 2.8% for the like-for-like hotels. Next, slide 13, and looking at how the Dublin market performed during 2024. It can be easy to take for granted the strength of Dublin as a hotel market. Following the pandemic, Dublin was one of the quickest markets to recover to pre-COVID levels compared to other European cities. Looking at the graph at the top left-hand side of the page, Dublin was 26% above 2019 RevPARs in 2023 and was 23% ahead of those levels for 2024. Other European cities took much longer to reach this level. In terms of how Dublin sits relative to other European cities, it is now ranked 10th highest in RevPAR terms and the second highest in occupancy within the STR reported market. As I mentioned a moment ago, the market has digested the additional supply and new supply forecasts remain modest. It continues to be a strong attraction for international guests. Visitors to Ireland, as represented by foreign overnight visitors, increased by 5% up to December 2024, with particularly strong numbers visiting from North America. Passenger cap has been waived for summer 2025, and we expect full resolution in time. I'll touch shortly on some of the economic and population impact on demand in the market overall. In addition to very strong demand fundamentals, there is also limited new supply coming in in the near term. Dublin now has a current market size of over 29,000 rooms, with an increase in room numbers in the city following a period of relatively or effectively zero growth following the old financial crisis. In 2024, approximately 788 new rooms have opened. Looking at planning permissions and what is in construction as of now, market property experts continue to forecast a slowdown in growth in Dublin as we look ahead. They are currently estimating that approximately 3,300 rooms are in the currently under construction or after pre-construction phase and are expected to open between 2025 and 2027. Included in this is our old 200-bed Modern property, which we will open in 2026, having just commenced construction. 850 bedrooms are expected to be added in 2025. Higher construction costs, elevated interest rates, and challenges in securing planning permissions represent significant barriers to hotel development in the city. There is still a degree of supply out of the market for government use, but it is still unknown what comps will return to the market, given that that supply has been out of the system for a prolonged period of time, some for over four years. We know contracts have been extended towards the end of 2024 and into 2025 for certain rooms and hotels. Looking at how Dalata performed relative to the Dublin market, we are very pleased that in a more challenging market, Dalata outperformed the wider Dublin market. We saw a RevPAR decline of 1.4% versus the market decline of 2.2%. In 2024, Dalata also significantly outperformed the market on compression nights, which meant the nights when occupancy exceeds 95%. This demonstrates our strength in revenue management and the intensity our team brings maximizing revenue every day, with Dalata having 95 compression nights versus the market's 60 compression nights for the same period. Turning to the next page, slide 14, as I mentioned, there are positive fundamentals across our main markets, which gives us confidence as we look ahead. Economic forecasts for Ireland and the U.K. are good, with growth forecasted in employment numbers, in addition to consumers in good shape, with household savings still above long-term averages in both Ireland and the U.K., and decreasing inflation levels and interest rates are supporting discretionary consumer spending. The outlook for the Irish economy is particularly strong, supported by a growing population and record levels of employment. The strong budget surpluses in Ireland are expected to lead to increased government spending, which should benefit the hospitality sector also. We continue to see recovery in air travel, which is important for our Ireland economy and like Ireland and the U.K. Ireland is at 6% above 2019 like volume levels, and both Dublin Airport and London Heathrow Airport have record passenger numbers in 2024. Turning to slide 15. As I mentioned earlier, given our like-for-like revenues increased by 1%, while our hotel operating costs increased by 3.3%, there was a squeeze on margins with our like-for-like EBITDA margin declining by 140 basis points. It is a testament to the innovative culture and the ambition we have in Dalata that everyone across the business, at both central office and at both hotel teams, did not sit back and accept the cost inflation coming through. Dermot mentioned too, but as a senior and session C, while delivering a tangible impact of our effort to collaborate between central office and hotel teams to innovate and find ways to increase our efficiency and the background of the like-for-like talk, and yet maintain our setup focused on the long-term potential of our business, represented by enhanced employee and customer satisfaction scores. In essence, we roughly halved the impact of wage inflation coming through in our project, which we commenced in 2023 in accommodation and food and beverage in particular. During the year, we also started the rollout of our self-check-in pods to improve both customer experience and become more operationally efficient. We look forward to seeing more impact of these in 2025, along with other initiatives coming on the back of new systems, some U.K. sourcing of accommodation, and a full review of our commission costs. In addition, our rollout of new revenue management systems will support further. The group also benefited from favorable energy pricing, along with ongoing decreasing consumption, resulting in lower energy costs of EUR 4 million for the year on our like-for-like hotels. Turning to slide 16, we continue to generate strong levels of free cash flow, which enables us to fund further portfolio growth and returns to our shareholders. Our free cash flow of EUR 124 million represents a conversion of 71% of EBITDA after rent payments. There was a decline on free cash flow year on year due principally to the timing of the large upturn receipts in 2023, which related to 2022. There was an EUR 8.3 million inflow from the sale of Modern Wexford, with EUR 21 million proceeds from the sale of Clayton Wexford coming in January 2025. The group made six lease payments of just over EUR 61 million in 2024 and almost EUR 7.8 million increase in 2023, driven primarily by the addition of Clayton Hotel Amsterdam American in October 2023, along with the opening of three new leased hotels during 2024, which I mentioned earlier. Our free cash flow during the year was used to fund almost EUR 46 million in development expenditure, including a EUR 4.2 million deposit paid following the agreement to acquire by the Dublin Airport, which is subject to CCPC approval. The development expenditure was also mainly used on our latest hotel developed in George's London and the costs relating to our three leased properties this summer. We also funded our employee benefits trust, which we purchased 6 million of shares to facilitate employee share awards being conducted during the year. All in all, we will have returned to shareholders roughly EUR 100 million between 2024 and the payment of our proposed 2025 dividends and our two share buyback companies. Turning to slide 17, we set out a very strong balance sheet. Our balance sheet is backed by our several million of hotel property assets. This asset backing provides several key advantages. It provides strong covenants for our financing partners, including our fixed income investors who largely benefit from our parent company guarantee. It allows us to be flexible and recycle the capital if required, as we have demonstrated during COVID, and finally protect the business during economic cycles or demand shocks. We successfully refinanced the net in October 2024 ahead of the previous facility's October 2025 end date, and as part of that, increased the level by 20% for diversified funding sources and, in addition, enhanced the flexibility under re-improvement, continuing to generate strong returns and investor capital with a return of 12.2% this year. Our debt and lease service coverage is 2.7 times, and our current net debt to EBITDA after rent is 1.3 times. We have cash and unwalled facilities as of the end of the year of EUR 24 million. Finally, moving to slide 18, we continue to have a high-quality value-based balance portfolio, pipeline, and growth ambition. In a moment, Shane will illustrate the close interaction between these portfolios and the additional value they create. Our well-located hotel asset portfolio with a net asset value of EUR 6.67 per share or EUR 7.35 before value risk deduction for purchasers' costs in line with rate of valuation. 73% of this value is located in the very attractive hotel markets, capital cities of London and Dublin. This provides an excellent underpinning of hotels being both lower risk in profile and offering greater opportunity for long-term capital appreciation. Overall, our old assets delivered EUR 153 million over the last 12 months, excluding the Wexford hotels, which have now been sold, and will be EUR 6 million higher by the 2024 opening being opened for a full year and full year balance. We also have a very high-quality lease portfolio that continues to contribute strongly to the after rent of EUR 40 million, which also would have been over EUR 8 million higher if the 24 hotels were opened for a full year and full year balance. Our rent cover is over 1.8 times for Irish and U.K. assets. This rent cover underpins the quality of these leases and indeed the discipline with which we execute our growth strategy. Following the completion of our four new openings this summer, our pipeline now comprises our Clayton St. Andrew's Square Edinburgh, on which construction is underway, the Radisson Blu Dublin Airport Hotel, subject obviously to CCPC approval, three rooms for leases and hotels currently being built at Crowe Park in Dublin, Old Broad Street in London, and as just announced today, Marathon Street in Edinburgh. We also have three extensions of existing hotels, Clayton Manchester Airport, Clayton Cardiff Lane, and Clayton City of London that will take the core portfolio to over 13,600 rooms. Now we must pass to Shane. Thank you, Clara. Good morning, everyone. We are on slide 20, Proven Ability to Deliver Growth. This first slide illustrates the group's proven ability to deliver growth, which has seen strong acceleration since 2022. Despite significant disruptions for a two-year period due to COVID-19, revenues have grown at a five-year annualized growth rate of 9%, while adjusted EBITDA after lease payments has grown by 5% per year. Notably, our hotel portfolio has increased by over 35% since the end of 2021 when delivery of our development pipeline was temporarily paused. Looking back, the portfolio has seen extraordinary growth since our IPO in 2014 when all our hotels, Caravon, Clayton, Cardiff, were located in Ireland. The value of our hotel asset portfolio has grown to over EUR 1.7 billion, and this includes cumulative revaluation increases over this period of circa EUR 0.5 billion. The U.K. portfolio, starting at just one hotel, has grown into a large sub-region segment with over 5,000 bedrooms and truly established Dalata as an international hotel company with our first hotels in Germany and the Netherlands. The delivery of this growth is driven by an experienced, disciplined, innovative, and agile approach to securing and delivering opportunities, underpinned by our people and culture, a strong operating platform, and a robust financial position. Turning to slide 21, History of Value Creation. Clayton Hotel Dublin Airport is a flagship property in the portfolio and an excellent example of our ability to enhance existing value through our development and operational expertise. We bought the property, which at the time was a 466-bedroom hotel, in February 2015 as part of our large Sever transaction in Moran Bewley acquisition. In the years following the acquisition, we added a further 142 bedrooms and a new Italian Kitchen restaurant at a cost of circa EUR 135,000 per key, resulting in the property being the largest in the portfolio at 608 bedrooms. EBITDA generated from the hotel has doubled since before the extension, which in turn has driven significant uplift in hotel valuation. We continue to invest into the property. For example, we recently completed a new substantial investment in the main food and beverage offering at the hotel of circa EUR 1.4 million. As you are aware, we are continuously assessing the portfolio, and last year we announced the sale of Modern Hotel Wexford and Clayton White's Hotel Wexford for a combined sum of EUR 29.6 million. These proceeds exceeded the latest independent external valuations as of the 30th of June 2024 and are significantly greater than the original investment of circa EUR 18.8 million in 2015. In relation to our investment target criteria, which is 15%, these assets generated a pre-tax interest rate of return of circa 18%. Moving on to slide 22, our 2030 vision. At the capital markets day, we launched our 2030 vision, which is to reach a portfolio of 21,000 rooms, either open or in a development pipeline by 2030. We have an ambition to be the largest hotel operator in the four-star segment of all our target cities in Ireland and regional U.K. Our current portfolio and secure pipeline in Ireland and regional U.K. is over 11,000 rooms, and we've identified further scale of over 5,000 rooms. While we have made significant progress on this ambition, we acknowledge that this opportunity is finite. There is further growth potential over the medium term in cities such as London and other commercially attractive large cities in mainland Europe with strong international and domestic demand drivers. Examples of these cities include Amsterdam, Madrid, Paris, Barcelona, Berlin, and Munich, all of which are greater in size than the regional U.K. cities. At 2% market share in London and our target European cities would deliver a further 16,000 bedrooms. In line with our 2030 vision, we're targeting to secure 8,000 of these rooms across Dublin, regional U.K., London, and continental Europe by 2030. Now, slide 23, Pathways to Deliver our 2030 vision. Our in-house acquisition, development, and leasing expertise are excellent counterparty evaluation. We are strong by our operating platform, but there's an entry scale to a number of. For example, we can acquire pre-owned and external assets, develop our southern vacant sites, convert other used properties into hotels, and make multiple extensions of existing locations. In the last two years, we acquired multiple hotels and travel hotels. Two great asset developments that are combined over the last 20 years have announced the acquisition of the Radisson Blu Hotel Dublin Airport for EUR 83 million. In residence, we developed on the shores of the hotel versus development cost of circa GBP 33 million. We also commenced in December 2024 the construction of Clayton Hotel St. Andrew's with Clayton Corps, which reached EUR 4.2 million after lease completion. Within all our development investments, we have the backing in many. Assets to enhance the debt and lease opportunities. These are acquisitions that will be able to enter new markets quickly when agreements are reached that are very accountably effective and equitable. Our long-term agreements typically reach 5-5 years and can maintain a business during a period of high inflation. Our strong and established network of real estate partners and reputation in the industry means that we can access good opportunities through the automatic transaction portfolio. In 2023, we acquired Clayton Hotel and Clayton for EUR 29.5 million plus annual rent. This summer, we opened two agreements in charge of region U.K. cities totaling 681 rooms for just GBP 15 million in capital. Recently, we signed two further agreements for leases in London and Edinburgh, which I will turn to now. Moving to slide 24, continuing to secure exciting growth opportunities. In November, we announced to the market that we acquired the 229-bedroom Radisson Blu Hotel Dublin Airport, subject to Ireland's Competition and Consumer Protection Commission approval. This was a great opportunity to expand the group's presence at Dublin Airport and to continue to locate delivery. The hotel itself is within walking distance of the airport and under high valuation in terms of meeting and event center. We intend to rebrand the Clayton property and also something exciting development potential with existing approvals to increase the room count on the overall site over 500. As I just mentioned, we also signed two agreements for leases in London and Edinburgh. Both will be Clayton properties, and both are targeting an opening date in 2024. Clayton Hotel on Broad Street, London, will be a 154-bedroom property located circa five minutes walk from both Liverpool Street Station and Bank Tube Station and will increase our room count to over 1,000 bedrooms in London. Clayton Hotel Marathon Street, Edinburgh, a 256-bedroom office to hotel conversion, is in very close proximity to the Edinburgh International Conference Center and will complement our Clayton Hotel St. Andrew's Square under construction. Lastly, for me, our acquisitions team remains busy, and we're in exclusive negotiations for further opportunities, including in Madrid, Berlin, and London. We hope to deliver further good news in the coming months. I will now hand you back to Dermot to cover our 2025 outlook and make some concluding remarks. Thanks, Shane. Are we okay connection-wise before I start? Yep. Okay. Sorry if there's any interruption there during Shane's presentation. Thank you. I will now move on to slide 26, which brings us to the outlook. We are happy in the way in which we are performing in Q1. We expect group RevPAR to be 2.5% ahead of last year for the quarter. Trade in Dublin has been very positive, and we are currently projecting our RevPAR to our Dublin hotels to be up 5% on last year for the first quarter. Our Dublin portfolio significantly outperformed the market in January, and market stats are not yet available for February. As I look into the balance of 2025, I am confident about the latest prospects. Our larger markets are being helped by strong event calendars and growing air traffic forecasts. We expect that increases in statutory minimum wages in Ireland and the U.K., along with changes in the U.K. national insurance, will increase hotel payroll by circa 5% on a like-for-like basis in 2025. However, we are confident in our ability to cover these costs through the ongoing rollout of further efficiency and innovation initiatives and through RevPAR growth in the market. We'll also be helped by a EUR 2 million reduction in contracted energy pricing. We will also benefit from the full year contribution of the four hotels opened in 2024. With the necessary access to capital, I am confident of our ability to further grow the portfolio and deliver on our 2030 vision. Our acquisitions team continues to source exciting opportunities as we've seen today with Edinburgh. Using ongoing consumer research and feedback, our development team works closely with our senior operations team in designing innovative hotels that both meet the needs for our customers and achieve the productivities that our shareholders deserve. Finally, moving to slide 27, I will leave you a few closing remarks. Over the last few years, we've been developing and managing platforms to support our future growth ambitions. The platform will always evolve, but we believe we now have an excellent platform in place to deliver on our 2030 vision. Our focus on people and their development lays the foundations for our future success. We have refreshed our brands and transformed our digital marketing activities. Our brands provide us with an exciting opportunity to create further shareholder value. We have an exceptional portfolio of modern, well-maintained, and centrally located hotels. Our largest market is Dublin, which continues to grow as a city in terms of population, employment, and airport passenger numbers. We continue to be highly cash-generative and deliver industry-leading operating margins. Our culture of innovation enables us to protect those margins despite increases in input costs. We are a modern, international, outward-looking, and innovative hotel company. We have a clear strategy, as outlined in our 2030 vision, and a team of exceptional people with an unwavering focus on delivering our ambitious growth targets. However, access to capital is essential to achieve our vision. I look forward to the strategic review announced this morning, which will enable us to assess the available options to increase our access to capital and enhance shareholder value. As ever, I would like to thank my colleagues right across Dalata for the performance they helped deliver in 2024 and the strong start to 2025 that is currently being delivered. Thank you very much. That is the end of the presentation, and I will move over to some questions if there are any questions there. Thank you. As a reminder to ask a question, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, please press star one and one and wait for your name to be announced. Thank you. We are now going to proceed with our first question. The questions come from the line of Paul Reddy from Davy. Please ask your question. Hi. Good morning, Shane, Carol, Dermot. Can you hear me there? Yeah. Yeah. I just have a question, and it's in two parts if that's okay. It's just in reference to the Dublin outperformance in 2024, and I think you've alluded to outperformance in Q1 2025 as well. Would you be able to give us kind of some of the blocks that drive that RevPAR outperformance? The second part is then just relating to the U.K. It feels like you're more tracking in line with the market in the U.K. What is the key now to kind of opening up that gap versus the market that you have in Dublin in the U.K., whether it be clustering or yield management, and how confident do you think you might be in kind of outperforming the market there? Thank you, Paul. Obviously, I'm going to be careful not to mention anything in terms of forecasts. If I look at our outperformance in Dublin, I mean, we are benefiting hugely now from the strength of our brands. We share the capital markets today. Consumer reaction in Ireland to our Clayton and Maldron brands, and the Clayton brand especially, is scoring really, really high on all elements. I think you'll see right across the portfolio in terms of our Booking.com scores, our location scores are really, really high, which reflects how careful we are about where we locate our hotels. On top of that, we're very lucky or we're planned to have very modern, well-invested hotels, so we do believe that helps us hugely. The teams working at our hotels are delivering what we call our heart of hospitality every day, and that certainly helps us in terms of achieving the average room rates and occupancies we're getting. If I look into the U.K., clearly, and again, you'll see from the research that we published in the Capital Markets today, our brands are relatively unknown in the U.K. As we build out the Maldron and Clayton in the U.K., we will start getting benefits from our branding, and we're very focused on our digital strategy in the U.K. at the moment and focus on how we can get more direct business to our websites. The other element of it is that we are introducing a new revenue management system, and the roll-out of that has begun over the last number of weeks. Again, that gives us great confidence that we'll be able to further enhance our revenue management right across both Ireland, the U.K., Netherlands, and Germany. This is a combination of factors that makes us really confident in what we can do in the U.K. Finally, what I will say about the U.K. is that our hotels in the U.K. especially are exceptionally modern and well-invested. The average age is something like nine years in a market that's got a lot of older products. Again, as Shane would have outlined in the Capital Markets today. That's really helpful. Thanks, Dermot. We are now going to proceed with our next question. The questions come from the line of Dudley Shanley from Goodbody. Please ask your question. Your line is opened. Good morning, everyone. Two questions for me, if I may. First of all, if you could just elaborate a little bit further on what you're seeing in terms of the cost backdrop at the moment. Obviously, you've called out wage pressures coming through to be somewhat offset by better energy contracts. If you could just elaborate on some of the other lines. Thinking about the pipeline, I guess, if we think back to the Capital Markets today, has anything changed in terms of the opportunities that you're seeing in front of you in both the U.K. and into Europe? Thank you. Thanks, Dudley. I will take first, and then Shane will take your second question. Thank you. Hi, Dudley. It was just in relation to costs just before Christmas, and we've just reiterated today the increasing wage rates out of the U.K. and Ireland, we expect to contribute to an increase in hotel payroll of about 5% this year. We are confident to recover those costs through what we've done and what we've started doing over the last couple of years in terms of changing the way we work without impacting on either our employee experience or our customer experience or, in fact, enhancing both. We also expect, and you'll see, that the RevPAR growth has come through, or we expect it to come through in quarter one, which will obviously support recovery of those costs and the EUR 2 million in energy pricing. In terms of other costs, and we would have gone through some of the analysis at our Capital Markets Day, costs in relation to bringing in the business, for example, commissions will respond in line with revenues. We apply the same disciplines across all our cost lines in terms of carefully managing the costs. The reality is a substantial portion of those costs is labor, and that's why I thought we set out what our expectations were in relation to that for 2025. Dudley, I think the question is, was there any change in the outlook or the horizon in terms of since Capital Markets today in terms of new opportunities? Would that be correct? Yeah, basically just an update on what you're seeing in there. Fundamentally, there is. I mean, I'm very happy in terms of the progress, I suppose, if you think of our growth markets that we're targeting that we're calling out in terms of London and continental Europe. I'm very, very happy with the progress there and the opportunities that we're seeing. I mean, there is a constant challenge more on the development funding side of it. You can see some entrants returning to the market. There was a transaction announced in the last week or so in Dublin for existing assets. For, say, a lot of our development partners in terms of securing development funding, it's still challenging. That would be the biggest challenge item at the moment. In terms of seeing opportunities, I'm very, very happy as it regards. That's great. Thanks very much. Thank you. We are now going to proceed with our next question. The questions come from the line of Jane Amistry from Jefferies. Please ask your question. Hi. Good morning. Thank you very much for taking my questions. One on costs. I wondered what level of RevPAR growth do you need to keep your like-for-like margins flat this year in 2025? My second question is around the strategic options that you outlined. I noticed you mentioned shareholder returns, potential sale of the business. Would you consider selling your properties and becoming an asset-like business? My third question is around how your conversations are progressing with investors and landlords across Europe in the markets that you're looking at. What kind of brands are you competing with in the space, and how is the conversation going there? Thank you. Hi, it's Dermot here. I'll take the second and third questions, and Carol, come back to you on the first question. The strategic options that you have and the question you had, I think, regarding asset-like, as I said at the start, what's in the announcement is as much as we can say at the moment, and that announcement includes all the information that is available to the market at the moment. As regards progress with landlords around Europe, I think, as Shane said, nothing really has changed since the Capital Markets Day itself. We have a very strong reputation as a company because one of the things we did was we paid all our rents during COVID, and that is recognized by institutional investors and landlords. We are seen as a very strong counterparty in Europe, the U.K., and in Ireland as well. That has been the case for the last number of years and continues to be the case. I'll just hand you over to Carol on the other question. Hi, Jane. Obviously, I'll just touch on what we've said this morning, which is all I can touch on. I suppose we've reiterated that we're confident in our ability to recover the costs. I suppose in terms of Q1, the RevPAR growth of 2.5% is always outlined in terms of what we're seeing in RevPAR at the moment. We did reiterate that we are confident in our ability to recover the costs through the further efficiencies and RevPAR growth in our markets in addition to the EUR 2 million energy price reduction. Okay. Thank you very much. Thank you. Once again, as a reminder to ask a question, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We are now going to proceed with our next question. The questions come from the line of Tim Barrett from Deutsche Numis. Please ask your question. Hello. Morning, all of you. I had a couple of questions, firstly on the balance sheet, please. I guess the NAV is particularly important now. I might have missed it because the line was very crackly, but that's grown by about 7% in the year. Could you give us an idea of what the like-for-like revaluation gain was and how much came from retiring stock below NAV? Just a second question on RevPAR. Obviously, Dublin was great. By implication, the U.K. is a bit softer. Can you give us some perspective on what you think is happening in the U.K. and indeed anything on forward bookings you can mention? Thank you very much. Okay. Hi, Tim. First of all, apologies for the line. We've had some technical issues this morning. In regards to the balance sheet for the NAV on a like-for-like basis, I don't have that in front of me. To be honest with you, the retirement or the disposal of the two assets wouldn't have had a significant impact on that like-for-like basis. The other thing is, now, obviously, Shoreditch would have come in. That was previously an asset under construction. You see in the balance sheet, that's gone from asset under construction into hotel valuations. That might have had some impact. Apart from that, just looking at the balance sheet, you'll see the necessary like-for-like. As regards to the U.K. being softer and the outlook, I suppose our strategy has always been a city strategy. We do see good opportunities in the cities that we're moving into, right? Of course, the economy at times can be softer. Our business is quite often determined by the level of competition in cities, the age of that competition, the ability of independent operators to be able to react to a changing environment, the events calendar, which actually is very strong in all the markets we're in this year. What we would see, the positivity for us in the U.K., and something Shane outlined in the Capital Markets today, is that we've got a really modern, well-located portfolio. We're well invested with people there, and that is genuinely a big competitive advantage for us. A lot of our competitors are independent operators who probably aren't—sorry, they aren't as well-funded as us. They don't have the access to technology. Now, as we start investing into a new revenue management system, we think that gives us a significant advantage in the cities that we're currently operating in the U.K. and the ones we're targeting to operate as well. Thanks. Can I just sneak one more in, actually? In terms of the Radisson Blu at the airport, obviously quite a big deal for the size of the company. Could you tell us how you think about those kinds of acquisitions? Is it a price per key or a multiple of EBITDA just in terms of we may have to put it into models? Thank you. I'll just pass you over to Shane. I mean, in terms of key metrics, it's the IRR key with Dalata. I mean, obviously, we look at it all in terms of our DD price per key. I'd always be very cognizant of having gone through a couple of cycles where you've seen crazy prices paid on a per key basis. We very much look at the investment returns when we look—Tim, sorry. When I look at the Radisson Blu, I look at the successes that we've had in the Clayton Hotel Dublin Airport, where we took a substantial hotel and invested in it considerably and managed to double EBITDA over a period of time. That is the exciting opportunity for us that when we look at Radisson, that we can take a very, very strong asset that's a very good fit for a Clayton in a very strong strategic location, and it has fantastic development potential. Okay. Do you have to pay the brand owner a break fee? That is all within the investment model. Great. Thanks, all of you. Okay. We have no further questions at this time. I would like to hand back to you for closing remarks. Okay. Thank you very much. Thank you for your questions. Sorry if there were some technology issues during the call. Apologies for that. Look, we will see a number of investors on the road, and we look forward to that interaction. As I said, we look forward with confidence in the months ahead. Thank you very much. This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you and have a great day.