Singapore-listed hotel landlord CDL Hospitality Trusts has made its first foray into the UK with the purchase of a 198-room hotel in Cambridge for £62.5 million (S$135.3 million).
Announcing this in a statement on Wednesday (Sep 9), CDL Hospitality said the acquisition is its first in Europe and marks a diversification of its portfolio from the Asia-Pacific region.
“The hospitality outlook for UK continues to be strong with international tourist arrivals expected to hit a record 35.1 million in 2015. The recent streamlining of visa process for Chinese visitors entering UK is also likely to encourage more inbound travel from the world’s largest tourism source market,” CDL Hospitality said.
Cambridge City Hotel, the property purchased by CDL Hospitality, is located in the heart of Cambridge city centre. It is 1.6 kilometres from Cambridge railway station and is situated beside a main thoroughfare. Cambridge’s largest shopping mall, the Grand Arcade Shopping Centre, is adjacent to the property. Popular tourist destinations such as King’s College and Fitzwilliam Museum are located in the vicinity.
CDL Hospitality Trusts owns 14 hotels and two resorts in the Asia Pacific region, including Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel in Singapore.
Source : Channel NewsAsia – 9 Sep 2015