Welcome to the new morningstar.co.uk! Learn more about the changes and how our new features help your investing success.

Dalata Hotel Pens Lease Agreement For Two New UK Hotels

LONDON (Alliance News) - Dalata Hotel Group PLC said on Wednesday it has signed agreements to ...

Alliance News 16 May, 2018 | 12:28PM
Email Form

LONDON (Alliance News) - Dalata Hotel Group PLC said on Wednesday it has signed agreements to lease two new four star hotels to be built in the Bristol and Birmingham.

The two hotels will have a combined 580 new rooms, taking the total that Dalata owns or leases to over 1,968 bedrooms with a further 1,700 in the pipeline.

The Ireland headquartered hotel operator will commence operations in both hotels through 35 year operating leases, subject to five year rent reviews linked to the retail price index.

The Clayton Hotel in Bristol is to be developed by Artisan Real Estate Investors Ltd. It will be a conversion of the existing listed facade of the Natwest Court building in central Bristol with 250 rooms.

Construction is still subject to planing permission from Bristol City Council, but it is expected the hotel will open in the third quarter of 2020.

The Maldron Hotel in Birmingham is to be developed by McAleer & Rushe. It will be located in central Birmingham next to the Mailbox shopping centre and will have about 330 rooms. Construction is subject to planning permission and consent from Birmingham City Council but is expected to open in the first quarter of 2021.

Dermot Crowley, deputy chief executive officer, said: "We are delighted to secure agreements to lease these two very exciting new hotels in the heart of Bristol and Birmingham. Both cities possess very strong hotel markets and these two projects demonstrate our ability to grow a very attractive development pipeline of hotels in the UK. In Dalata, we pride ourselves on developing long term partnerships. We are already developing hotels with Artisan and McAleer & Rushe and we now look forward to working with them again on these projects."

Shares in Dalata were down 0.5% at 588.00 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Dalata Hotel Group PLC 465.87 GBX -2.79 -
Dalata Hotel Group PLC 5.40 EUR -1.64 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation


By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites