Irish hotel operator Dalata Hotel Group has purchased the Apex Hotel London Wall for £53.4 mln (€62.1 mln) from Apex Hotels Limited, the owner of the long leasehold interest, with 107 years remaining.
Situated at 7-9 Copthall Avenue, in the heart of the City of London, the upscale hotel features full four-star facilities consisting of 89 bedrooms and suites, a gym, ground floor lobby and a contemporary restaurant and bar.
Located less than 10 minutes’ walk from Moorgate, Bank and Liverpool Street Stations which have extensive National Rail, London Underground and bus services, it provides excellent connectivity across London.
With EBITDAR of £4.5 mln (€5.2 mln) in 2024, the property will require minimal initial investment and, on completion of the transaction, expected in early July 2023, will be rebranded as Clayton Hotel London Wall.
Dermot Crowley, CEO of Dalata Hotel Group, 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 re-invest the funds that we generate from our existing hotels.’
Shane Casserly, corporate development director, Dalata Hotel Group, added: ‘To have acquired such an attractive existing London hotel, in the current market, that will allow us to further expand the Clayton brand, is a fantastic achievement for the business. London remains a key development market for us, and we remain focused on securing future opportunities for the portfolio.’
Angela Vickers, CEO, Apex Hotels, commented: ‘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.’
This is Dalata Hotel Group’s fifth hotel in London and brings the total number of bedrooms in London to 877 keys, once Maldron Hotel Finsbury Park opens in June 2023 and Maldron Hotel Shoreditch opens in 2024.
Savills advised Dalata Hotel Group on the transaction.