Dalata Hotel Group has exchanged contracts to acquire the long leasehold interest of a hotel under development at Aldgate in London for £91m.
As part of the transaction, Dalata will acquire Hintergard from Aldgate Hotel, an investment vehicle of an international private equity real estate investor.
Construction of the hotel, to be included under the Clayton brand umbrella, is expected to be completed and operational towards the end of this year.
It will have 212 rooms, with a restaurant, bar and access to a fitness centre and be located adjacent to Aldgate East underground station.
Deputy Chief Executive, Dermot Crowley said, 'We already successfully operate two Clayton hotels in the Greater London area at Chiswick [pictured)] and Cricklewood.
'This new hotel gives us a presence in a key central location within the city and is ideally located for corporate customers who want to be close to the City of London and leisure guests visiting the many attractions that the city has to offer.'