Ireland’s Dalata Hotel Group has acquired a recently completed hotel in London for £44.3 mln (€49.7 mln) from Furadino Holdings Limited.
Located at 240 Seven Sisters Road, adjacent to Finsbury Park Station, the hotel consists of 192 bedrooms, ground floor lobby, bar and restaurant.
Due for launch in summer, the property will be Dalata's third hotel in London (two already operate under the Clayton brand) but the first using the Maldron brand (18th in the UK).
The hotel operator will invest over £2 mln (€2.2 mln) to enhance the property, which has expected stabilised annual earnings of £4 mln (€4.5 mln).
Dermot Crowley, CEO of Dalata, said: ‘London is a key strategic growth market for Dalata. We are very excited to be opening our first Maldron hotel in the city in advance of our Maldron in Shoreditch which is currently under construction. This acquisition represents an outstanding opportunity to operate a new, sustainably built, hotel in a vibrant and developing area as we continue our ambitious UK expansion plan. The strength of our balance sheet has been a crucial element in enabling us to make this investment as we continue to create value for all of our stakeholders.’
Shane Casserly, corporate development director at Dalata, added: ‘Acquiring a new hotel asset in London, in challenging funding markets, that will be operational in the summer of 2023, is a fantastic achievement by the group. This transaction highlights our appetite for growth as well as the flexibility of our business model, which enables us to grow through acquisition, development and leasing. We are excited by the excellent sustainability credentials of the property as we continue to make progress on our ambitious targets.’
International law firm Osborne Clarke advised Dalata on the deal.
