McAleer & Rushe has just announced that they have signed an Agreement for Lease with the Dalata Hotel Group, Ireland’s largest hotel chain, to deliver a new four-star Maldron Hotel in Glasgow City Centre.
The proposed c. 250 bed hotel, with bar, restaurant and business conferencing facilities will be centrally located on Renfrew St, close to the main shopping district on Sauchiehall Street and is adjacent to the Theatre Royal and a short distance from Buchanan Bus Station.
The c. £30 million project by McAleer & Rushe, which is subject to planning approval from Glasgow City Council, is projected to be delivered by mid-2020, representing Dalata’s first Maldron hotel in Scotland. Once construction is completed, Dalata will operate the hotel under a 35-year lease, subject to five-year rent reviews linked to the Retail Price Index.
This latest McAleer & Rushe project represents a long-standing partnership with the Dalata Hotel Group in delivering hotels across the UK and Ireland and follows the recent announcement of it’s sale of the planned Maldron Hotel in Newcastle to a major institutional fund, the UK Commercial Property Trust Limited (UKCPT).
According to Stephen Surphlis, Property Director, McAleer & Rushe, the hotel’s strategic positioning on Renfrew St will support Glasgow’s growing economy, positively contributing towards the surrounding urban environment and create construction as well as indirect employment. Commenting he said;
The announcement of our latest lease deal with Dalata represents the growing confidence in key regional UK cities for hotel operators, particularly in Scotland. This major new four-star Maldron Hotel will be an exciting addition to this dynamic consumer and business hub.
Working with the Dalata Group we are developing a number of hotel projects across the UK and Ireland and we look forward to partnering with them once again on this new project.
We are delighted to have entered into an agreement to lease a newly constructed Maldron Hotel in Glasgow. We have a very strong relationship with McAleer & Rushe who are currently building our new hotels in Belfast, Newcastle and Charlemont, Dublin. Today’s announcement brings the number of UK hotels in our development pipeline to 5 with a total of circa 1,350 rooms.