CBRE Investment Management has completed a transaction to provide forward funding investment to RJR Securities for the development of a new 188-bedroom Maldron Hotel on Chapel Street.
Dalata Hotel Group plc, the largest hotel operator in Ireland with 45 hotels across the UK and Ireland, has agreed a 35-year lease on the new property to trade under the group’s Maldron Hotel brand.
McAleer & Rushe has been appointed as contractor to deliver the new Dalata Maldron Hotel, which will be situated in the Chapel Street/ Embankment Quarter. Currently used as a surface overspill car park by BT, the site will be regenerated into a 17-storey hotel with 188 bedrooms, coffee lounge, bar, restaurant and gym facilities.
Shane Casserly, Corporate Development Director at Dalata Hotel Group plc, said: “We are delighted with the confirmation of the funding for our Maldron Hotel on Chapel Street in Manchester City Centre and look forward to construction commencing in the coming weeks. With Clayton Manchester City Centre just opened and a Maldron under development on Charles Street, Manchester is a market that we know well, and view our new hotel on Chapel Street as an ideal addition to our portfolio in the city.”
