Clayton and Maldron Hotels owner, the Dalata Hotel Group has announced the €62.2m acquisition of the Apex Hotel London Wall hotel, which will be its 5th hotel in London.
Dalata has agreed to buy the long leasehold interest of the hotel – which has another 107 years to run – from Apex Hotels.
Located at 7-9 Copthall Avenue in the heart of the City of London, close to Moorgate, Bank and Liverpool Street rail stations, it will be rebranded as the Clayton Hotel London Wall.
The deal is expected to be completed next month, with Dalata paying out of its existing facilities and the group said the property will only require minimal initial investment.
The new hotel, will be a 4-star establishment, with 89 bedrooms and suites, a gym, lobby, restaurant and bar.
This latest acquisition will bring the total number of Dalata bedrooms in London to 877 keys, once Maldron Hotel Finsbury Park opens in June 2023 and Maldron Hotel Shoreditch opens in 2024.
Dermot Crowley, CEO of Dalata Hotel Group said: “London is one of the world’s great cities. Securing existing hotels or sites to develop new hotels is very challenging as a result. I am delighted that we have managed to secure two new hotels in the city in the space of just four months. It demonstrates our ability to re-invest the funds that we generate from our existing hotels. We look forward to welcoming our new colleagues into the Dalata family.”
Shane Casserly, Corporate Development Director, Dalata Hotel Group said: “To have acquired such an attractive existing London hotel, in the current market, that will allow us to further expand the Clayton brand, is a fantastic achievement for the business. London remains a key development market for us and we remain focused on securing future opportunities for the portfolio.”
As well as Ireland and the UK, Dalata has a presence in Germany.