17th Nov 2016 08:38
LONDON (Alliance News) - Irish hotel company Dalata Hotel Group PLC on Thursday said it has signed an agreement to lease a new Maldron Hotel, to be built in Newcastle, with ES Newgate Ltd, a subsidiary of construction firm McAleer & Rushe.
The new hotel will be a four-star property, located on Newgate Street in the city centre, a short walk from Central Station and close to Newcastle United Football Club's St James' Park home ground.
It will have 226 air-conditioned bedrooms, a bar, restaurant and meeting room facilities, and will be part of a mixed-use development which also incorporates student accommodation and retail space.
On completion of construction, Dalata will commence operations in the hotel through a 35-year operating lease, which will be subject to five-year rent reviews.
The hotel is expected to open in summer 2018 and will be Dalata's first Maldron property in England.
Dalata also operates the Clayton Hotel brand across the UK and Croydon Park Hotel in London.
"This development provides us with an exciting opportunity to launch our Maldron brand in the English market, in line with our strategy of rolling out our Clayton and Maldron brands in the large regional UK cities. We are delighted to be working on this project with our development partner, McAleer & Rushe, and look forward to opening in Newcastle in summer 2018," Deputy Chief Executive of Business Development & Finance Dermot Crowley said in a statement.
Shares in Dalata were untraded on Thursday morning, last quoted at 367.57 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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