The worlds leading global real estate advisor CBRE has worked with its joint agent Captial Real Estate Partners to advise the sale of a freehold hotel development site in London for over £32m.
Located at 49-51 Paul Street in the heart of London’s trendy Shoreditch, the multi-million-pound site was sold to Dalata Hotel Group PLC for £32.05m.
Lewis Corby, Director, Hotel Brokerage ＆ Investment Sales at CBRE commented: “We received exceptional demand from domestic and international investors, demonstrating that despite any Brexit concerns, London is still one of the world’s leading hotel markets.”
The new hotel will be branded ‘Maldron’ with between 130- 140 rooms and is expected to open ion early 2022. The total cost of developing the hotel will be an estimated £60m which includes the £32m site cost