Ireland's Dalata Hotel Group has acquired a freehold development site in London's Shoreditch for £32 mln (€35 mln) from privately held property company Ocubis.
The site is located at 49-51 Paul Street in Shoreditch. The total cost of developing the hotel will be approximately £60 mln, including the site cost of £32.05 mln, Dalata said.
The hotel will be branded Maldron with 130 to 140 rooms and is expected to open in early 2022.
Global real estate advisor CBRE together with joint agent Capital Real Estate Partners advised Ocubis on the sale.
Lewis Corby, director, hotel brokerage & investment sales at CBRE commented: 'We received exceptional demand from domestic and international investors, demonstrating that despite any Brexit concerns, London is still one of the world’s leading hotel markets.'
Ocubis, established in 1995 by former Foxtons founder Jon Hunt, owns, manages and develops commercial and residential properties across London. In 2007, Hunt sold Foxtons estate agency to work on expanding the Ocubis portfolio and launch further development schemes.
