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The Dalata Hotel Group has acquired a freehold hotel development site in Shoreditch, London, for £32m.
Global real estate advisor CBRE, together with joint agent Capital Real Estate Partners have advised Ocubis on the sale. The site is located at 49-51 Paul Street in the heart of Shoreditch, an area known for its “vibrant” retail, nightlife and leisure amenities.
The hotel will be branded Maldron with 130 to 140 rooms and is expected to open in early 2022. The total cost of developing the hotel will be approximately £60m, including the site cost of £32m.
Lewis Corby, director, hotel brokerage and investment sales at CBRE, said: “We received exceptional demand from domestic and international investors, demonstrating that despite any Brexit concerns, London is still one of the world’s leading hotel markets.”
