Hotel will be the Group’s fifth in London

Dalata Hotel Group plc has announced that it has exchanged contracts to acquire the long leasehold interest of the Apex Hotel London Wall, for consideration and a gross asset value of £53.4 million (€62.2 million) from Apex Hotels, subject to standard contractual conditions and approvals.

Apex owns the long leasehold interest, with 107 years remaining on the lease, of the Hotel situated at 7-9 Copthall Ave, London EC2R 7NJ, in the heart of the City of London. The consideration will be payable from Dalata’s existing facilities and the transaction is expected to complete in early July 2023.

International law firm Osborne Clarke advised Dalata on the deal with a team lead by real estate partner Nick Simpson. The team also included real estate senior associate Emma Hannah, corporate real estate partner Alison Riddle , tax partner Tracey Wright and associate director Alex Makinson, employment partner Danielle Kingdon and senior associate Carla O'Neill.

The existing Property is an Upper Upscale Hotel, with full four-star facilities consisting of 89 bedrooms and suites, a gym, ground floor lobby and a contemporary restaurant and bar. The Property, with expected EBITDAR of approximately £4.5 million in 2024, will require minimal initial investment and, on completion of the transaction, Dalata will rebrand the Hotel as Clayton Hotel London Wall.

The acquisition of this going concern in a prime London location, further demonstrates Dalata’s ability to increase its footprint in London, a major global hub for both business and tourism. 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. Osborne Clarke advised Dalata on both of those sites as well (see acquisition of a newly finished hotel).

Osborne Clarke is a recognised industry leader in the Built Environment providing a comprehensive lifecycle service and advising major real estate industry organisations, ranging from developers and investors to property funds and corporate occupiers.

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