City Developments acquires New York’s Renaissance Syracuse Hotel

Property and hospitality firm City Developments, through its subsidiary City e-Solutions, has acquired Renaissance Syracuse Hotel in Syracuse, New York.

The purchase price of the hotel is US$10 million, which represents US$35,842 per key and a 14 per cent yield on 2009 net operating income.

The acquisition was made through a joint venture firm, which City e-Solutions has a 50 per cent stake.

The 20-storey Renaissance Syracuse Hotel sits on freehold land and currently has 279 rooms.

The company believes the hotel will benefit from its proximity to educational, medical and transport hubs, such as Syracuse University, the State University of New York Upstate Medical University and Syracuse Hancock International Airport.

Source : Channel NewsAsia – 21 Jul 2010

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