Dalata’s debut hotel in England has changed hands, with the project being sold for £32.7m.
The planned four-star 275-bed hotel in Newcastle, which is currently being developed, has been sold by Northern Irish contractor McAleer & Rushe to UK Commercial Property Trust Limited (UKCPT), which is advised by Standard Life Investments.
The six-storey hotel is due to be completed in March 2019 and is let on a 35-year lease to Dalata, Ireland’s largest hotel operator.
Once finished, the hotel will be the group’s debut in England and will run under the Maldron brand.
The hotel will also be home to a bar, restaurant and meeting facilities and is promising to bring a major boost to the Newcastle economy.
Alongside the hotel, the wider project will include a 575-Sydney bed accommodation which will be operated by the Unite Group.
Both new developments form part of a wider £75m mixed use regeneration scheme in the city.
Stephen Surphlis, property director at McAleer & Rushe, said: “The new Maldron hotel and the complete mixed-use scheme is a significant project and will support Newcastle’s continued economic development by attracting both business and leisure visitors to the heart of the city.
“We are looking forward to working with Standard Life Investments and Dalata, for whom we are delivering numerous hotel projects in the UK & Ireland.”