Dalata Hotel Group has acquired a 192-bedroom hotel on Seven Sisters Road in north London, which will be its first hotel to open under its Maldron brand in the British capital.

Ireland's largest hotel group, which operates the Clayton chain of hotels, paid a total consideration of £44.3m (€49.7m) to purchase the entire issued share capital of Tide Developments (4) Ltd (TD4) from Furadino Holdings Ltd.

TD4 owns the freehold interest of the hotel property, located in the Finsbury Park area of the city close to Arsenal's Emirates Stadium, and the deal will be financed by Dalata's existing cash and banking facilities.

The newly finished hotel has never traded and comprises of 192 bedrooms, ground floor lobby, restaurant and bar. It was originally supposed to open as a Premier Inn.

Dalata plans to invest £2m to enhance the property before launching it under the Maldron brand, and its expects stabilised annual earnings of £4m from the property, its 18th in the UK.

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"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," said Dermot Crowley, CEO of Dalata.

"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.”

The hotel is adjacent to Finsbury Park station, with extensive National Rail, London Underground and bus services offering direct links to King’s Cross St Pancras and the centre of London.

The property was constructed using the Vision Modular System, which can help to save 40% in carbon emissions against traditionally-constructed buildings.

The sustainably designed hotel is BER A rated, includes photovoltaic panels, and is expected to achieve BREEAM ‘Excellent’ accreditation.

Shane Casserly, corporate development director at Dalata, added: “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.

"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 has forecast annual revenues in excess of €500m and EBITDA of €182m for the 2022 year.

Photo: The never-opened Premier Inn on Seven Sisters Road in north London that has been acquired by Dalata Hotel Group. (Pic: Google)