Dalata acquires North London hotel

16th Feb 2023 11:01

(Sharecast News) - Irish hotel operator Dalata has acquired a 192-bedroom hotel in North London.

Dalata revealed on Thursday that it had purchased the newly finished hotel, which has never traded, at 240 Seven Sisters Road in Finsbury Park as part of its £44.3m acquisition of Tide Developments.

The AIM-listed group will pour a further £2.0m into the property to enhance and launch it under the Maldron brand.

Dalata highlighted that the hotel, which has an expected stabilised annual earnings of £4.0m, will be its first Maldron hotel in London, its 18th hotel in the UK and will create over 50 jobs locally.

Chief executive Dermot Crowley said: "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."

As of 1055 GMT, Dalata shares were up 3.77% at 365.0p.

Reporting by Iain Gilbert at Sharecast.com