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Dalata Hotels Adds New Aldgate Hotel To London Portfolio

LONDON (Alliance News) - Irish firm Dalata Hotel Group PLC said on Wednesday it is to buy a hotel ...

Alliance News 29 August, 2018 | 11:16AM
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LONDON (Alliance News) - Irish firm Dalata Hotel Group PLC said on Wednesday it is to buy a hotel in Aldgate, east London for GBP91 million.

The hotel is currently under development, and Dalata is buying a 300-year lease for the site.

Dalata said the 212-room hotel will be branded Clayton Hotel Aldgate London, and should be completed and operational towards the end of 2018.

The deal, the company continued, will be funded by a new debt facility agreed with existing lenders.

Deputy Chief Executive for Business Development & Finance Dermot Crowley said: "We are delighted to secure this new hotel in Aldgate, London. We already successfully operate two Clayton hotels in the Greater London area at Chiswick and Cricklewood.

"This new hotel gives us a presence in a key central location within the city and is ideally located for corporate customers who want to be close to the City of London and leisure guests visiting the many attractions that the city has to offer."

Shares were 3.3% higher on Wednesday morning, trading at 650.25 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Dalata Hotel Group PLC 475.00 GBX 6.15 -
Dalata Hotel Group PLC 5.70 EUR 7.14 -

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