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Dalata Group has announced it has acquired its first Maldron Hotel in London for a total consideration of £44.3m from Furinado Holdings Limited.
The purchased hotel has 192 bedrooms and is located at 240 Seven Sisters Road in Finsbury Park, North London. It also features a ground floor lobby, a restaurant and a bar.
In addition, the hotel is located within walking distance of the Emirates Stadium and is also adjacent to Finsbury Park Station, which has National Rail, London Underground and bus services offering direct links to King’s Cross St Pancras and the centre of London.
Prior to opening in summer 2023, Dalata will invest in excess of £2m to enhance the property and launch under the Maldron brand. The hotel, with an expectation of stabilised annual earnings of £4m, will be Dalata’s first Maldron hotel in London, its 18th hotel in the UK and will create over 50 jobs locally.
Dermot Crowley, CEO 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.”
