UK: Irish hotel operator Dalata Hotel Group has acquired the long leasehold interest of the Apex Hotel London Wall from Apex Hotels Limited for £53.4 million.
107 years remain on the lease and the transaction is expected to complete in early July 2023.
Apex Hotel London Wall offers 89 bedrooms and suites, a gym, ground floor lobby and a restaurant and bar. Dalata will rebrand the hotel as Clayton Hotel London Wall and marks the fifth property in London for the group.
The acquisition follows the recent purchase of the 192-bedroom Maldron Hotel Finsbury Park in London for £44.3 million. The hotel is scheduled to open in June 2023. Once Maldron Hotel Shoreditch opens in 2024, it will bring Dalata’s London portfolio to 877 keys.
Dermot Crowley, CEO of Dalata Hotel Group, said: “London is one of the world’s great cities. Securing existing hotels or sites to develop new hotels is very challenging as a result. I am delighted that we have managed to secure two new hotels in the city in the space of just four months. It demonstrates our ability to re-invest the funds that we generate from our existing hotels. We look forward to welcoming our new colleagues into the Dalata family.”
Shane Casserly, corporate development director at Dalata Hotel Group, said: “To have acquired such an attractive existing London hotel, in the current market, that will allow us to further expand the Clayton brand, is a fantastic achievement for the business. London remains a key development market for us and we remain focused on securing future opportunities for the portfolio.”
Angela Vickers, CEO of Apex Hotels, said: “The sale of Apex London Wall will allow us to further expand the Apex brand through acquisition. We are keen to add to our hotel portfolio, particularly in more rural locations. We are sad to say goodbye to such a longstanding hotel in the Apex family.
“London remains an integral destination for our business. Apex City of London Hotel has recently reopened after refurbishment and Apex Temple Court Hotel boasts stylish bedrooms alongside design led event space, restaurants and bars,” added Vickers.