CDL Q1 profit slips; group buys another UK property

Singapore

CITY Developments Ltd (CDL), which posted declines in first-quarter net earnings and revenue, said on Wednesday that The South Beach hotel here will be rebranded as JW Marriott Singapore.

The 654-room hotel, which CDL owns through a joint venture with Malaysia's IOI Group, began trading last September. A memorandum of understanding has been signed with Marriott International Inc and completion of the appointment is expected shortly.

In its Q1 result statement issued on Wednesday evening, the property and hotel group also announced the acquisition of its first office building redevelopment prop…