Dalata Hotel Group has purchased a newly finished hotel in London for €50.3m (£44.3m). The 192-bedroom hotel is located at 240 Seven Sisters Road, adjacent to Finsbury Park Station, and additionally features a bar and restaurant. The company will invest in excess of €2.3m (£2m) to enhance the property, which has expected stabilised annual earnings of €4.5m (£4m).It will be Dalata's first Maldron hotel in London, its 18th in the UK, and will create over 50 jobs. The hotel is expected to launch this summer under the Maldron brand.
Dermot Crowley, chief executive 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."
