Developer Elliot Group and its joint venture partner Valorem Investment Partners have agreed a deal with Ireland’s largest hotel operator Dalata. Tony McDonough reports
Ireland’s largest hotel operator is to enter the Liverpool market for the first time with plans to open a four-star hotel at the £170m Park Lane development.
Last week developer Elliot Group and its joint venture partner Valorem Investment Partners secured planning consent to build two new blocks at the scheme, just outside the city centre, that includes the historic Heaps Mill building.
That has triggered a deal with the Dalata Hotel Group, which has taken a long lease on one of the blocks to create hotel that will offer 260 bedrooms and be operated under the Maldron brand.
“Liverpool’s economy is in good shape and there’s an appetite among end-users to participate in its continued growth,” said Elliot Lawless of Elliot Group. I’m delighted 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.”
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.
Dermot Crowley, deputy chief executive of Dalata Hotel Group, added: “Liverpool has been a key target city for Dalata due to the strong mix of corporate and leisure business.”
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.
Anthony Maxwell-Jones of Valorem Investment Partners, also 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.”