Dalata splashes £44m on London hotel
Ireland’s Dalata Hotel Group has bought a 192-bedroom hotel at 240 Seven Sisters Road, N7, for £44.3m.
The newly finished hotel has been bought through a compare deal, with Dalata buying the entire issued share capital of Tide Developments from Furadino Holdings.
The acquisition will be financed from Dalata’s existing cash and banking facilities.
Ireland’s Dalata Hotel Group has bought a 192-bedroom hotel at 240 Seven Sisters Road, N7, for £44.3m.
The newly finished hotel has been bought through a compare deal, with Dalata buying the entire issued share capital of Tide Developments from Furadino Holdings.
The acquisition will be financed from Dalata’s existing cash and banking facilities.
The hotel will open in summer this year once Dalata has invested a further £2m in it to enhance the property and launch under the Maldron brand.
The hotel, which Dalata expects to generate around £4m a year, will be its first Maldron hotel in London and its 18th hotel in the UK.
The property was constructed using the Vision Modular System, which can result in as much as a 40% saving in the embodied carbon emissions when compared with traditional methods of construction. The sustainably designed hotel is BER A rated, includes photovoltaic panels, and is expected to achieve BREEAM Excellent accreditation.
Dalata chief executive Dermot Crowley said: “London is a key strategic growth market for Dalata. 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.”
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Photo from Dalata
