Dalata Hotel Group has acquired a newly finished hotel in London for £44.3m as part of its strategic growth plans.
The 192-bedroom hotel, bar and restaurant, at 240 Seven Sisters Road, adjacent to Finsbury Park Station, will launch in the summer under the Maldron brand.
International law firm Osborne Clarke advised Dalata on the deal with a team lead by real estate partner Nick Simpson. The team also included corporate real estate partner Alison Riddle and associate Svetlana Kisyova, construction senior associate Jonathan Culley, planning associate Katherine Chambers, tax partner Tracey Wright and associate director Alex Makinson, and property litigation associate director Donal Kelly.
Prior to opening, Dalata will invest in excess of £2m to enhance the property, which has expected stabilised annual earnings of £4m. It will be Dalata's first Maldron hotel in London, its 18th in the UK and will create more than 50 jobs.
Under the transaction, Dalata has purchased the entire issued share capital of Tide Developments Limited (TD4) for £44.3m from Furadino Holdings Limited.
TD4 has a gross asset value of £45.1m and owns the freehold interest of the hotel property. The total consideration will be financed from Dalata's existing cash and banking facilities.
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