CDL Hospitality Trusts acquires 95% stake in Italy hotel for 40.6m euros
Initial funding will be via internal resources or offshore debt, or a mix of both
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Singapore
CDL Hospitality Trusts (CDLHT) is acquiring a 95 per cent stake in Hotel Cerretani Florence, MGallery by Sofitel for 40.6 million euros (S$63.6 million), its managers announced on Friday.
The purchase consideration works out to 33 million euros, after taking into account a 3.1 million euro payment for its interest in the estimated net working capital and cash of the consolidated FI Dutch HoldCo group, less 10.7 million euros for a bank loan redemption.
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