First Sponsor acquires Frankfurt Hotel in joint venture with CDL and Tai Tak
The acquisition, for S$135.9 million, is expected to be completed late this month or early next month
Singapore
FIRST Sponsor Group Limited has taken the step to acquire the Le Méridien Frankfurt Hotel in Germany for about 85 million euros (S$135.9 million), in a move made in partnership with its key shareholders City Developments Limited (CDL) and Tai Tak Estates Sdn Bhd.
The mainboard-listed firm said on Thursday in a joint press release with CDL and Tai Tak that it has, through a joint venture partnership, entered into a sale-and-purchase agreement for the proposed acquisition.
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