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CDL Hospitality Trust acquires UK hotel for £62.5m
CDL Hospitality Trust has marked its maiden entry into Europe with a £62.5 million (S$135.3 million) acquisition of a hotel in the UK.
This consideration comprises £61.5 million for the property, Cambridge City Hotel, and £1 million for the estimated net working capital and cash of the target, LR (Cambridge) Limited, which owns and operates the hotel.
Post-acquisition, the target will be renamed as CDL HBT Cambridge City Hotel (UK) Ltd and continue to hold and operate the hotel.
"This acquisition in Cambridge, UK, is in line with our strategy to invest in markets with good growth potential," said the trust managers' CEO Vincent Yeo.
"Cambridge has been one of the strongest performing hospitality markets in UK and the burgeoning life science cluster will support the growth trajectory of the market," he added. "This acquisition of Cambridge City Hotel is a rare opportunity for us to acquire a prime asset in a tightly held investment market."
The newly refurbished upper upscale hotel offers 198 rooms and a comprehensive suite of facilities. It enjoys a prime location in Cambridge city centre, some 1.6km from Cambridge railway station.