Dalata Hotel Group has announced that it has exchanged contracts to acquire the long leasehold interest of a hotel under development at Aldgate, London, for a total consideration of £91 million (€100 million). As part of the transaction, Dalata will acquire the entire issued share capital of Hintergard Limited from Aldgate Hotel Holdco LLC, an investment vehicle of an international private equity real estate investor.
Hintergard Limited owns the 300 year leasehold interest of the under-development hotel, and the transaction is conditional on the completion of the hotel to an agreed specification. The construction of the hotel, which will be branded Clayton Hotel Aldgate London, is expected to be completed and operational towards the end of this year.
Facilities And Location
The hotel will have 212 rooms, with a restaurant, bar and access to a fitness centre. It will be located adjacent to Aldgate East Underground Station and in close proximity to the new Liverpool Street and Whitechapel Crossrail stations, both of which are scheduled to open in December 2018.
The transaction will be funded by an additional debt facility which has been secured from Dalata’s existing banking partners.
Dermot Crowley, Dalata deputy CEO – Business Development & Finance, commented, "We are delighted to secure this new hotel in Aldgate, London. We already successfully operate two Clayton hotels in the Greater London area at Chiswick and Cricklewood. This new hotel gives us a presence in a key central location within the city and is ideally located for corporate customers who want to be close to the City of London and leisure guests visiting the many attractions that the city has to offer. Access to the Aldgate area will be further enhanced with the opening of two new Crossrail stations at Liverpool Street and Whitechapel in December 2018."
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
