Dalata Hotel Group has acquired the freehold interest in the Clayton Hotel Cardiff for £24 mln (€27 mln).
'Clayton Hotel Cardiff has performed very strongly this year. We are delighted to be able to purchase the freehold interest of the hotel,' commented Dermot Crowley, deputy CEO business development and finance at Dalata. 'This transaction is consistent with our stated strategy of buying out the freehold interests of those leased properties with future unpredictable rent reviews.'
The 4-star hotel is centrally located in the Welsh capital with 216 keys. Dalata currently holds a leasehold on the property until 2046, at an annual rent of £1.5 mln, subject to upward-only rent reviews at five-year intervals.
Rush also owns a restaurant located on the ground floor of the building, which is leased to Viva Brazil Cardiff, on a 20-year lease, expiring in 2032.
