CDL Hospitality Trusts has said it is planning to buy Studio M Hotel in Singapore for S$154 million. This works out to about S$428,000 per room. CDL said the acquisition is expected to be immediately yield-enhancing and would also broaden the earnings base of its portfolio. It added that the hotel has achieved impressive occupancy of 88.9 per cent since starting full operations in June last year. The...
Studio M Hotel
CDL Hospitality Trusts (CDLHT) is widely seen by analysts as poised to acquire Studio M Hotel in the Mohamed Sultan area, possibly this year. The hotel, which opened in April last year and is owned by CDLHT's sponsor, London-listed Millennium & Copthorne Hotels, is seen by the market as a logical acquisition target for CDLHT. The trust manager's CEO Vincent Yeo said yesterday that typically it takes...
There are signs the worst may be over for the hotel industry in Singapore. That's according to Millennium & Copthorne Hotels, a unit of Hong Leong Group. It said revenues are showing signs of picking up. And M&C also sees room for further growth next year despite the opening of the two integrated resorts in Singapore. Kwek Leng Beng, executive chairman, Hong Leong Group, said: "I believe that...