(Alliance News) - Dalata Hotel Group PLC on Thursday said it has bought its first London-based Maldron Hotel, which is due to open in summer.
The Dublin-based hotel chain said the GBP44.3 million acquisition from Furadino Holdings Ltd has a gross asset value of GBP45.1 million.
Dalata will finance the purchase via its existing cash and banking facilities. The hotel has 192 bedrooms and a restaurant and a bar.
Dalata Corporate Development Director Shane Casserly said: "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."
Dalata Hotel shares were 3.8% higher at 365.00 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News reporter
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Dalata Hotel Gp (DAL)