Dalata Hotel Group has exchanged an agreement for lease for a new 4-star Clayton hotel to be developed on the Tower 42 Estate in the City of London.
Located at 20 Old Broad Street, the full-service hotel will comprise 154 bedrooms, a restaurant, bar and gym. Dalata says the all-electric building is targeting a BREEAM Excellent accreditation and will include will use heat pumps to power operations.
The hotel operator has already opened four new locations in the UK this year, including the Maldron Hotel in Shoreditch which opened in August. This new hotel takes Dalata’s presence in London to six hotels.
On completion of construction, Dalata will commence operations in the hotel through a 25-year operating lease which will be subject to five-year rent reviews linked to the consumer price index.
What they said
Shane Casserly, deputy CEO of Dalata Hotel Group said: “We are excited to expand our footprint in London, with this transaction illustrating the flexibility of our business model as we deliver further growth through leasing, as well as acquisition and development. We are particularly pleased to have commenced a partnership with the Tower 42 Estate, which offers an unrivalled mix of uses in a best-in-class location. As part of our Vision 2030, London continues to be a key target city for Dalata, and we believe significant opportunity exists for both our Clayton and Maldron brands.”