Dalata Hotel Group has bought the long leasehold interest of the Apex Hotel London Wall for £53.4 million from Apex Hotels.
Apex owns the long leasehold interest, with 107 years remaining on the lease, of the Hotel situated at 7-9 Copthall Ave in the City of London. The consideration will be payable from Dalata’s existing facilities and the transaction is expected to complete in early July 2023.
The property is an "upper upscale hotel", with full four-star facilities consisting of 89 bedrooms and suites, a gym, ground floor lobby and a contemporary restaurant and bar.
Dalata said that with expected EBITDAR of approximately £4.5 million in 2024, the hotel will require minimal initial investment and, on completion of the transaction, Dalata will rebrand the Hotel as Clayton Hotel London Wall.
It brings the number of Dalata bedrooms in London to 877 keys, once Maldron Hotel Finsbury Park opens in June 2023 and Maldron Hotel Shoreditch opens in 2024.
Dermot Crowley, CEO of Dalata Hotel Group, said in a statement: “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.”
Angela Vickers, chief executive, 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.”
Savills advised Dalata.