Leading UK design and build construction company McAleer & Rushe has been appointed as the contractor in a major £37.5m hotel project in Liverpool city centre to be delivered under the four-star Maldron brand of Ireland’s largest hotel operator, Dalata Hotel Group.
The 260-bed Maldron hotel has been pre-let on a 35-year lease to Dalata after Valorem Investment Partners reached a funding agreement with Aviva Investors that will see Aviva forward fund the development on behalf of the Aviva Linked Property Fund.
Designed to achieve a BREEAM Very Good rating, the hotel will be ideally located at the junction of Liver Street and Park Lane, close to the prominent city centre districts of Liverpool One, the Baltic Triangle, and The Albert Dockland representing a major investment in the city.
Inclusive of a bar and restaurant on the ground floor, a suite of meeting rooms on the first-floor level and gym facilities, the 9-storey building has an eloquent design and is configured to wrap around a bright internal courtyard. The building envelope will have a high-quality façade comprised of brickwork, glazing, solid and perforated metal panels.
The design has been developed by delivery architects Urban Innovations and initial construction work is set to begin in early 2022 with a view to the hotel being operational in Autumn 2023.
Mark Diamond, Senior Director of McAleer & Rushe, said:
“We are delighted to be working with experienced industry partners Valorem, Aviva Investors and the Dalata Hotel Group, on the design and build of this important new hotel in Liverpool. It is a credit to the skill, expertise and reliability within the McAleer & Rushe team that we have been appointed to deliver this full turnkey project, of the highest quality, and we look forward to working closely with all partners as construction commences early next year.”
Shane Casserly, Corporate Development Director of Dalata Hotel Group, said:
“We are delighted to see confirmation of the funding for this development and the appointment of McAleer & Rushe as the Building Contractor. Throughout the pandemic we have remained steadfast in our commitment to Liverpool and specifically this opportunity, this confirmation is testament to that commitment and the strength of our covenant in the Fixed Income Investment market. One Park Lane is a very strong location, close to Liverpool One, Albert Dock and within walking distance of all the city centre attractions. We look forward to working with our development partners, to deliver the Maldron Hotel Liverpool, a BREEAM Very Good rated property, in late 2023.”
Martin Claisse, Head of Development, Valorem, says:
“We are delighted to be working with partners of the calibre of Aviva and McAleer & Rushe to deliver what will be the most significant addition to the hotel offer in Liverpool in recent years. To be bringing this site forward so shortly after such a difficult period with Covid is a testament to our team.”
John Osborn, Fund Manager, Aviva Investors, adds:
“The attractiveness of this investment for the Fund is underpinned by the strength of the City centre location and the long indexed income stream. We are delighted to be working with our development partners and look forward to seeing this exciting development being delivered.”
This new contract award represents the 9th hotel development McAleer & Rushe will build for the Dalata Hotel Group signifying their long-standing relationship since 2011, with four hotels currently under construction in Manchester, Glasgow, Bristol and Dublin.