Dalata Hotel group, which operates the Maldron and Clayton hotel brands, has bought the Apex Hotel London Wall for €62.2m from Apex Hotels Limited.
The hotel will be rebranded as Clayton Hotel London Wall and is Dalata's fifth hotel in London.
Today's acquisition follows the recent purchase of the 192-bedroom Maldron Hotel Finsbury Park in London for £44.3m and furthers builds on Dalata's ambitious UK growth strategy.
The company's London portfolio now consists of three Clayton Hotels - Clayton Hotel Chiswick, Clayton Hotel City of London and Clayton Hotel London Wall.
It also owns two Maldron Hotels - Maldron Hotel Finsbury Park, which is due to open in this summer, and the Maldron Hotel Shoreditch which is currently under construction.
Dalata's latest London hotel consists of 89 bedrooms and suites, a gym, ground floor lobby and a restaurant and bar.
It is located less than 10 minutes’ walk from Moorgate, Bank and Liverpool Street Stations which have extensive National Rail, London Underground and bus services, providing excellent connectivity across London.
Apex owns the long leasehold interest on the hotel, with 107 years remaining on the lease.
Dalata said it will pay for the deal from its existing facilities and the transaction is expected to complete in early July.
Dermot Crowley, CEO of Dalata Hotel Group, said that London is one of the world’s great cities and securing existing hotels or sites to develop new hotels is very challenging as a result.
"I am delighted that we have managed to secure two new hotels in the city in the space of just four months. It demonstrates our ability to re-invest the funds that we generate from our existing hotels," he added.
