CDL Q1 profit slips; group buys another UK property
Its JV with IOI has also inked MOU with Marriott International to manage The South Beach hotel
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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.
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