Dalata has bought its first hotel that trade under the Maldron brand in London, in a deal worth close to €50 million.
The hotel operator agreed to purchase the 192 bedroom hotel at Seven Sisters Road in the north of the UK capital, it said in a statement on Thursday. The newly built hotel will trade under the Maldron brand, it added.
“London is a key strategic growth market for Dalata,” chief executive Dermot Crowley said. “This acquisition represents an outstanding opportunity to operate a new, sustainably built, hotel in a vibrant and developing area as we continue our ambitious UK expansion plan.”
Dalata said it will invest more than £2 million to “enhance the property.” The hotel, with an expectation of stabilised annual earnings of £4 million, will be the company’s 18th hotel in the UK. It is already the biggest hotel operator in Ireland.
The new business is close to Arsenal’s Emirates Stadium, among other points of interest.
