Foxtons founder Jon Hunt’s property development firm on Tuesday agreed a £32 million land sale in Shoreditch to Ireland’s biggest hotels group.
Hunt’s Ocubis sold the Paul Street site, which has planning consent for a 140-bedroom hotel, to Dalata.
The new owner said including the land purchase cost, the hotel will cost £60 million to develop.
Commitment to invest comes despite political and economic uncertainty in Britain and some concerns the UK could look less attractive to tourists after October 31.
Property agent CBRE’s Lewis Corby, who advised on the deal, said: “We received exceptional demand from domestic and international investors, demonstrating that despite any Brexit concerns, London is still one of the world’s leading hotel markets.”
Dalata’s sales rose 12.2% to €201.9 million (£183.1 million) for the six months to June 30, and comparable revenue per room increased 0.7%.
The board has proposed an interim dividend of 3.5 cent per share.
