Irish hotel operator Dalata has agreed contracts with Art-Invest Real Estate (Art-Invest) to acquire a new operating leasehold interest in Hotel Nikko Düsseldorf.
The hotel, which is owned by Art-Invest and Dalata, expects to open for guests on February 15.
The asset represents Dalata’s first step into the Continental European market and is in line with the group’s ambition to establish a presence in large commercially attractive European cities.
The four-star hotel is centrally located in Düsseldorf, in close proximity to the Central Business District, the Retail Quarter and the city’s main train station. The property has 393 bedrooms, a bar, two restaurants, a spa, swimming pool, gym and extensive conference and meeting facilities. The hotel has undergone extensive investment in the last number of years.
The rent, with a guaranteed minimum, is determined by the revenue performance of the hotel. The lease term is 20 years, with two 5-year tenant extension options.
Dalata Hotel Group was advised by CBRE on this transaction.
‘This announcement represents our first step into Continental Europe and is a very exciting opportunity as we work towards building our presence in selected European cities. Whilst retaining our focus on growth in the UK, we have also been exploring opportunities in Europe that are complementary to our portfolio in the UK and Ireland,’ said Dermot Crowley, Dalata Hotel Group CEO.
