Dalata to open first hotel in Spain
The hotel will be situated in Valdebebas, adjacent to the Adolfo Suárez Madrid-Barajas Airport.
On completion of construction, Dalata will commence operations of the 243-bed hotel through a 15-year lease term, with two 5-year tenant extension options. The rent, with a guaranteed minimum, includes a ramp-up period for the first three years and thereafter will be determined by the revenue performance of the hotel.
It is the latest in Dalata's continuing expansion. The group opened four more hotels in the UK last year, and its revenues grew to €652m.
Valdebebas is a new urban development area in Madrid. It has one of Europe's largest exhibition and event centres, IFEMA Madrid, drawing four million visitors annually, as well as Real Madrid's training centre, Real Madrid City. Additionally, the new Spanish Courts of Justice and the new Isabel Zendal Hospital, set to open in 2025 with the ambition of becoming the leading neurorehabilitation centre in Europe, are also located in the vicinity.
Shane Casserly, Deputy CEO, Dalata, said: "We are very excited to have secured such an attractive opportunity in one of our target cities in Europe and we look forward to working in partnership with Grupo Insur one of Spain's leading real estate companies, to successfully deliver this exciting project."
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