Dalata has bought its first hotel that trade under the Maldron brand in London, in a deal worth close to €50 million.
The hotel operator agreed to purchase the 192 bedroom hotel at Seven Sisters Road in the north of the UK capital, it said in a statement on Thursday. The newly built hotel will trade under the Maldron brand, it added.
“London is a key strategic growth market for Dalata,” chief executive Dermot Crowley said. “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.”
Dalata said it will invest more than £2 million to “enhance the property.” The hotel, with an expectation of stabilised annual earnings of £4 million, will be the company’s 18th hotel in the UK. It is already the biggest hotel operator in Ireland.
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