Dalata Hotel Group plc has announced that it will acquire the long leasehold interest of the Apex Hotel London Wall from Apex Hotels Limited in a deal valued at £53.4 million (€62.2 million). The transaction, subject to standard contractual conditions and approvals, is expected to be finalised in early July 2023.
Apex currently holds a long leasehold interest, with 107 years remaining, on the Hotel located at 7-9 Copthall Ave, London EC2R 7NJ. Situated in the heart of London, the purchase consideration will be sourced from Dalata’s existing resources.
The Hotel, presently an Upper Upscale Hotel, boasts four-star facilities including 89 bedrooms and suites, a gym, a ground-floor lobby, and a contemporary restaurant and bar. A stone’s throw from Moorgate, Bank, and Liverpool Street Stations, the location ensures superb connectivity across the city. Upon transaction completion, Dalata will rebrand the Hotel as Clayton Hotel London Wall.
This acquisition, in a coveted London location, further cements Dalata’s expansion in the capital, bringing its total number of rooms in the city to 877, including those of Maldron Hotel Finsbury Park opening in June 2023 and Maldron Hotel Shoreditch opening in 2024.
Dermot Crowley, CEO of Dalata Hotel Group plc, expressed his satisfaction with the development, saying, “Securing existing hotels or sites to develop new hotels in London is challenging. The fact that we have secured two new hotels in just four months is testament to our ability to reinvest funds generated from our existing hotels. We look forward to welcoming our new colleagues into the Dalata family.”
Shane Casserly, Corporate Development Director, Dalata Hotel Group plc, echoed these sentiments, stating, “The acquisition of such a desirable existing London hotel, in the current market, allowing us to further expand the Clayton brand, is a tremendous accomplishment for the business. London remains a key development market for us, and we stay committed to securing future opportunities.”
Angela Vickers, CEO of Apex Hotels Ltd., expressed her views on the deal, stating, “The sale of Apex London Wall will enable us to further expand the Apex brand through acquisition. We are keen to increase our hotel portfolio, particularly in more rural locations. Though we are saying goodbye to a longstanding hotel in the Apex family, London remains a crucial destination for our business. Apex City of London Hotel has recently reopened after refurbishment, and Apex Temple Court Hotel boasts stylish bedrooms, design-led event spaces, restaurants and bars.”