Hotel operator signed up to £170m Park Lane
Dalata Hotel Group has been confirmed as the operator of Elliot Group and Valorem Investment Partners’ recently approved 260-bedroom scheme at Park Lane.
Sitting alongside Heap’s Rice Mill, the hotel will operate under the Irish group’s Maldron brand and will be the operator’s first Liverpool location.
Developer Elliot Group and its joint venture partner Valorem Investment Partners have announced that Dalata Hotel Group Plc has taken a long lease at its £170m Park Lane development on Liverpool’s southern waterfront.
The deal was contingent on planning permission, to change the use of a previously-consented residential block at the £170m Park Lane scheme, and reduce the height from twelve storeys to nine. Permission was granted by Liverpool City Council last week.
Elliot Lawless, founder of Elliot Group, said: “Liverpool’s economy is in good shape and there’s an appetite among end-users to participate in its continued growth.
“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.”
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 said 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 Elliot said full works are expected to start on the historic building in 2020.
Hill Dickinson in Liverpool advised Elliot and Valorem on the deal, while Squire Patton Boggs acted for Dalata.
The overall masterplan for Park Lane has been designed by Falconer Chester Hall. Zerum acted as planning consultants.