Furadino Holdings has sold a 192-bedroom hotel in north London to Dalata Hotel Group for £44.3 million.
The property will be launched in summer 2023 as Dalata’s first Maldron hotel in the capital, making it the Irish hotel operator’s 18th hotel in the UK.
Before its launch, the newly completed hotel will undergo £2 million worth of enhancements by Dalata. It is anticipated that the hotel will generate stabilised annual earnings of £4 million.
The Vision Modular System was used in the construction of the property, resulting in potential savings of up to 40% in embodied carbon emissions compared to traditional building methods. The hotel has achieved a BER A rating and is anticipated to receive BREEAM “Excellent” accreditation.
Dermot Crowley, CEO of Dalata, said: “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”
Shane Casserly, Dalata’s corporate development director 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. We are excited by the excellent sustainability credentials of the property as we continue to make progress on our ambitious targets.”
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