Irish-based Dalata Hotel Group has acquired the operating and leasehold interest in the 155-bedroom Tamburlaine hotel and plans to rebrand it as the Clayton Hotel Cambridge in the coming months.
The group also plans to reconfigure the layout of the hotel to create an additional five bedrooms. O'Callaghan Hotels originally bought the land, invested £50m into developing the property and operated the hotel from its opening in 2017, its only property in the UK.
Dalata will operate the hotel under a new FRI (full repairing and insuring) lease for a 30-year term with index-linked five-year rent reviews. The landlord is the Ability Group, which has acquired the property.
Dermot Crowley, deputy chief executive, business development and finance at Dalata, said: "Cambridge has been a priority target city for our Clayton brand, and I am delighted that we have secured such a high-quality, modern hotel in the centre of the city. The acquisition of the leasehold interest of this hotel is another important step in our stated strategy of expanding our Maldron and Clayton brands in key cities across the UK.
"The property is an ideal fit for our Clayton brand, under which we now operate nine hotels across seven cities in the UK. We look forward to getting to work immediately, with the existing hotel management team, to bring Dalata hospitality to the visitors and residents of Cambridge."