Dalata Hotel Group has bought the long leasehold of the Apex Hotel London Wall for £53.4m.
The hotel, situated at 7-9 Copthall Avenue, EC2, has 107 years left on the lease and an expected EBITDAR of £4.5m in 2024.
Dalata said it would require minimal initial investment to be rebranded as the Clayton Hotel London Wall.
Dalata will have 877 bedrooms in London once the Maldron Hotel Finsbury Park opens in June 2023 and Maldron Hotel Shoreditch opens in 2024.
Chief executive Dermot Crowley said: “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 reinvest the funds that we generate from our existing hotels.”
Savills advised Dalata Group.
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