Dalata sells north London hotel for €24.7m

Hotel group Dalata has sold its Clayton Crown Hotel in London for £21 million (€24.7 million) to a company controlled by AG Hotels, as the Irish-listed company continues to focus on central locations.

The 152-bedroom four-star Clayton Crown Hotel, which is located in Cricklewood in London, was acquired by the hotel group in 2015 as part of the Moran Bewley deal. Although Dalata said the hotel had performed well, it was no longer considered a core asset as the group focuses on central city locations.

The group said it had signed contracts for the sale of the hotel and the underlying business, with the deal expected to close by late next month. The deal does not include the Clayton branding, although it will be transferred to its new owners as a going concern.

The proceeds from the deal will be reinvested in the business.

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"This transaction represents excellent value and will assist us in our continued focus on securing central opportunities in attractive cities of the UK and continental Europe. London continues to be a priority for Dalata, and we look forward to opening our new hotel in Shoreditch in the second half of 2023," said Dermot Crowley, chief executive of Dalata.

“Our immediate focus now, will be to communicate with our employees and assist them with the transition. We will be retaining the hotel management within the company; all other employees will have the opportunity to apply for vacant positions within Dalata or they can choose to remain in their current roles in the hotel.”