Ireland's Dalata Hotel Group has exchanged contracts to acquire the long leasehold interest of a hotel under development located at Aldgate, London for a total of £91 mln (€100 mln).
As part of the transaction Dalata will acquire the entire issued share capital of Hintergard Limited from Aldgate Hotel Holdco, an investment vehicle of an unnamed international private equity real estate investor.
Hintergard Limited owns the 300 year leasehold interest of the hotel project which is expected to be delivered by the end of the year. The hotel, which will be branded Clayton Hotel Aldgate London, will have 212 rooms, with a restaurant, bar and access to a fitness centre. It will be located adjacent to Aldgate East Underground Station and in close proximity to the new Liverpool Street and Whitechapel Crossrail stations, both of which are scheduled to open in December 2018.
The transaction will be funded by an additional debt facility which has been secured from the company’s existing banking partners.
Dermot Crowley, deputy CEO – business development & finance, said: 'We already successfully operate two Clayton hotels in the Greater London area at Chiswick and Cricklewood. This new hotel gives us a presence in a key central location within the city and is ideally located for corporate customers who want to be close to the City of London and leisure guests visiting the many attractions that the city has to offer.'
CBRE advised Dalata on the deal.
