Dalata Hotel Group has announced the lease of a new hotel in London, taking its footprint in the city to six properties.
The group, which is the largest hotel operator in Ireland with a growing presence in the United Kingdom and Europe, said it had exchanged an agreement for lease for a new four star Clayton hotel to be developed on the Tower 42 estate.
It said the hotel, which will be developed at 20 Old Broad Street, EC2, in the heart of the city, is due to open in the second half of 2028, subject to planning approval.
The all-electric building, which will incorporate 154 bedrooms, a restaurant, bar and gym, will include state-of-the-art heat pump technology.
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On completion of construction, Dalata will commence operations in the hotel through a 25-year operating lease which will be subject to five-year rent reviews linked to the Consumer Price Index.
Dalata opened four new locations in the United Kingdom this year including the Maldron Hotel Shoreditch, which opened in August. This new hotel will bring Dalata’s operating presence in London to 1,030 rooms across six hotels.
Shane Casserly, deputy chief executive of Dalata Hotel Group, said the deal illustrated “the flexibility of our business model as we deliver further growth through leasing, as well as acquisition and development”.
“We are particularly pleased to have commenced a partnership with the Tower 42 estate, which offers an unrivalled mix of uses in a best-in-class location,” he said.
“As part of our Vision 2030, London continues to be a key target city for Dalata, and we believe significant opportunity exists for both our Clayton and Maldron brands.
“Our proven track record of delivery across both London and the UK, demonstrates our ability to identify and deliver in-demand hotels at excellent locations. Our experience, scale and deep industry expertise positions us strongly to deliver on our ambitious growth plans.”
Dalata reported revenue of €302 million for the six-month period ended June 30th, 2024, as well as basic earnings per share of 16 cent. The company is listed on the main market of Euronext Dublin and the London Stock Exchange.
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