Dalata to anchor £170m Park Lane scheme opposite Royal Albert Dock
Dalata Hotel Group Plc has taken a long lease at the hotel element of the £170m Park Lane scheme on Liverpool’s southern waterfront.
A 260-bedroom, 4-star hotel will operate under the Irish group’s Maldron brand and will be the operator’s debut in the booming Liverpool hotel market.
The deal was contingent on a new planning approval that sought permission to convert one of four new-build residential blocks to a hotel, with the building’s height reduced from twelve storeys to nine. That permission was granted on 10th December. The scheme is being developed by Valorem Investment Partners and its joint venture partner, Liverpool developer Elliot Group.
Dermot Crowley, deputy chief executive of Dalata Hotel Group Plc, said:
“I am delighted that we are today announcing another new project in the UK, the Maldron Hotel Liverpool. Liverpool has been a key target city for Dalata due to the strong mix of corporate and leisure business.”
Developer Elliot Lawless said:
“I’m pleased that we can bring such a high quality operator to the city. Since acquiring the Park Lane site in June we’ve moved quickly to drive the project forward and credit is due to all parties for concluding the deal in a tight timescale.”
Commenting on the deal, Anthony Maxwell-Jones of Valorem Investment Partners said:
““The signing of the Maldron Hotel at Park Lane will act as a catalyst for the development. We’re now aiming for a New Year start to ensure we maintain our momentum across the site.”
Elliot Group and Valorem say that they are now in discussions with funders for the scheme’s three new-build residential blocks, which include a 16-storey tower on the corner of Park Lane. The refurbishment of the listed Heap’s Rice Mill is separate from these discussions and remedial works have been undertaken on the mill since its acquisition to ensure it retains is physical integrity before commencing the full works in 2020.
Hill Dickinson in Liverpool advised Elliot and Valorem on the deal, whilst Squire Patton Boggs acted for Dalata.
The overall masterplan for Park Lane has been designed by the Liverpool studio of Falconer Chester Hall. Zerum acted as planning consultants.