Dalata Hotel Group plc has announced that it has acquired a 192-bedroom hotel at 240 Seven Sisters Road, Finsbury Park, in London.

Details
Dalata has acquired the entire issued share capital of Tide Developments Limited from Furadino Holdings Limited for a total consideration of €49.7 million, according to a statement published on DalataHotelGroup.com, which also noted that Dalata will invest over £2 million to enhance the property before opening it under the group’s Maldron brand this summer.

Statements
The statement published on DalataHotelGroup.com quoted its CEO, Dermot Crowley, as saying, “London is a key strategic growth market for Dalata. We are very excited to be opening our first Maldron hotel in the city in advance of our Maldron in Shoreditch, which is currently under construction. 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. The strength of our balance sheet has been a crucial element in enabling us to make this investment, as we continue to create value for all of our stakeholders.”

The statement published on DalataHotelGroup.com quoted its corporate development director, Shane Casserly, as saying, “Acquiring a new hotel asset in London, in challenging funding markets, that will be operational in the summer of 2023 is a fantastic achievement by the group. This transaction highlights our appetite for growth, as well as the flexibility of our business model, which enables us to grow through acquisition, development and leasing. We are excited by the excellent sustainability credentials of the property, as we continue to make progress on our ambitious targets.”

Original article by Dave Simpson on hospitalityireland.com