Dalata Hotel Group has signed a contract to acquire the long leasehold of a hotel under development in Aldgate for £91m.
As part of the transaction, Dalata will acquire the entire issued share capital of Hintergard Limited from Aldgate Hotel Holdco LLC – an international private equity real estate investor, which owns the 300-year leasehold interest of a hotel under development.
The transaction is conditional on the completion of the hotel to an agreed specification.
The hotel will be branded Clayton Hotel Aldgate London and is expected to be completed and operational towards the end of the year.
Home to 212 bedrooms, a restaurant, bar and access to a fitness centre, the property will be located adjacent to Aldgate East Underground Station and close to the new Liverpool Street and Whitechapel Crossrail stations, which are scheduled to open in December 2018.
Once open, it will join two other Clayton hotels in the Greater London area at Chiswick and Cricklewood.
Dermot Crowley, deputy CEO of business, development and finance, said: “This new hotel gives us a presence in a key central location 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.
“Access to the Aldgate area will be further enhanced with the opening of two new Crossrail stations at Liverpool Street and Whitechapel in December 2018.”
The announcement is said to be an ‘important milestone’ for the group’s growth in the UK, with a pipeline of almost 2,000 rooms across cities such as London, Glasgow, Manchester and Bristol.