Irish hotel firm Dalata Hotel Group entered into an agreement to buy the Maldron Hotel Wexford in Ireland for €3.53 million in cash. It is expected that the transaction will complete in April.
The hotel has been operated by Dalata since August 2007 under the terms of a 33 year leasehold agreement, with a current annual rent of €300,000 per annum subject to upward only rent reviews at five year intervals.
The next rent review is due in January 2019.
A statement from Dalata said that the acquisition “will consolidate the Group's position and allow it to develop the business of the hotel to its full potential.”