Dalata has received approval from the Competition and Consumer Protection Commission to acquire the leasehold interest of four hotels in a deal valued at €40 million.

The hotels are the Gibson Hotel in Dublin, the Croydon Park Hotel in south London, the Clarion Hotel in Cork and the Clarion Hotel in Limerick.

The leasehold interest comprises of operating leases with an average term of 18 years outstanding.

Dalata said it plans to invest €14 million over the next two years in refurbishing the four properties, and will rebrand them all as Clayton hotels. As part of the deal, the group will also take over the management of the Clarion Liffey Valley Hotel in Dublin, under a short term management contract.

Having gained approval, the acquisition, which was announced in late January, is expected to close promptly, Dalata said.

The Gibson Hotel was built by property developer Harry Crosbie. Opening in 2010, it was taken over by Nama in 2013 along with a number of other properties owned by Mr Crosbie.