Hotel News Now
Ireland-based Dalata Hotel Group has bought the entire share capital of Furadino Holdings’ Tide Developments project in London, including a 192-room hotel in the Finsbury Park district that is set to open as a Maldron hotel this summer.
According to CoStar, the parent company of Hotel News Now, the original lessee for the site was Whitbread PLC, the parent company of Premier Inn, which agreed a deal with the same developer and with the same room count in Oct. 2018.
Dalata said in a news release it acquired the operations and freehold of the property for 44.3 million pounds sterling ($53.1 million). A 25-year lease has been signed, despite the hotel not trading yet.
Dalata added that Tide Developments “has a gross asset value of 45.1 million pounds sterling and owns the freehold interest of the hotel property. The total consideration will be financed from Dalata’s existing cash and banking facilities.”
Dalata said it is investing an additional 2 million pounds sterling into the hotel before it opens this summer, which it added adopted a mostly modular construction process. The property is Dalata’s first Maldron-branded hotel in London and its 53rd open hotel or in its development pipeline in the United Kingdom and Ireland. A key feeder for the hotel will be its proximity to the Emirates Stadium, home of Arsenal Football Club.
“Acquiring a new hotel asset in London in challenging funding markets, that will be operational in the summer of 2023 is a fantastic achievement. … 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,” Shane Casserly, Dalata’s construction development director, said in the news release announcing the deal.
Another Maldron hotel in the Shoreditch district of London will open in the last quarter of 2023 and was announced before the Finsbury Park acquisition. In its pipeline, Dalata has Maldron hotels in development in Dublin, Brighton, Manchester and Liverpool. Dalata also has hotels in development under its Clayton Hotels brand.
Among its open properties, Dalata has one hotel in Wales, two in Scotland, four in Northern Ireland, 14 in England and 32 in Ireland.
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