Dalata Hotel Group has acquired a London hotel for £44.3m, as part of a key strategic growth plan for the operator.
The 192-bedroom hotel in Finsbury Park, North London will now undergo an extensive £2m renovation programme before reopening in the summer under the Maldron brand, becoming the group’s first hotel in London.
Under the transaction, Dalata has purchased the entire issued share capital of Tide Developments Limited (TD4) for £44.3m from Furadino Holdings Limited.
The hotel, its bedrooms, ground floor lobby, restaurant and bar will be Dalata’s 18th hotel in the UK and its opening will see the creation of over 50 jobs locally.
Dalata said the hotel was built using the Vision Modular System, which can result in as much as a 40% saving in carbon emissions when compared with traditional methods of construction.
Dermot Crowley, the chief executive of Dalata, said that London is a key strategic growth market for the company.
“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,” he said.
“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,” he added.
Dalata Hotel Group is the country’s largest hotel operator, with a growing presence in the UK and continental Europe. It operates two primary hotel brands, Clayton Hotels and Maldron Hotels.
Its portfolio contains 50 mainly 4-star hotels situated in city-centre locations with over 10,950 rooms across 29 owned hotels, 18 leased hotels and three management contracts.
