Ireland’s largest hotel operator is to target football fans coming to London for Arsenal matches, having acquired a new hotel less than a mile away from the Emirates Stadium for £44.3 million.
Dalata Hotel Group - which owns the Maldron chain of hotels in Ireland - has acquired a property on the Seven Sisters Road from its developer Tide Development.
The property is Dalata’s 18th in the UK, but the first to carry the Maldron brand name.
Dalata noted that the property is “conveniently located within walking distance of the Emirates Stadium,” sitting less than a mile from Arsenal’s ground.
Dalata CEO Dermot Crowley noted that the business intends to expand the Maldron line of hotels throughout London, with another property planned in Shoreditch.
“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,” he said. “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.”
Corporate development director Shane Casserly noted that making such an acquisition in the current funding climate was a major accomplishment.
“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,” he said. “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 shares are up 3.8% today to 365p.
