Dalata Hotel Group has purchased a 192-bedroom hotel in north London for £44.3 million from Furadino Holdings.
The Irish hotel operator says the recently acquired property - located at 240 Seven Sisters Road, Finsbury Park – will be launched in summer 2023 as its first Maldron hotel in the capital, making it Dalata’s 18th hotel in the UK.
Prior to the launch, Dalata will invest £2 million in the enhancement of the newly finished hotel, which is expected to achieve stabilised annual earnings of £4 million.
The property was constructed using the Vision Modular System, which can result in as much as a 40 per cent saving in the embodied carbon emissions when compared with traditional methods of construction. The hotel is BER A rated and is expected to achieve BREEAM ‘Excellent’ accreditation.
What they said
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.”