Singapore REIT invests in U.K. hotel market
CDL Hospitality Trusts has made its first investment in Europe by acquiring the 198-room Cambridge City Hotel in the United Kingdom from London & Regional Group Trading No. 3. The sales price was £61.5 million ($94.5 million) and the deal was made through indirect wholly owned subsidiary CDL HBT Cambridge City.
The hotel is located in the city center of Cambridge, England. In April, the property completed an £8.2 million ($12.6 million) refurbishment, involving its public areas and all the 198 rooms.
The outlook for U.K. hospitality investment continues to be strong, with international tourist arrivals expected to hit a record 35.1 million in 2015, according to VisitBritain’s 2015 forecast.
Cambridge is a primary tourist destination in United Kingdom. According to Knight Frank, Cambridge is one of the strongest hospitality markets in United Kingdom.
The acquisition represents a diversification of CDL-HT's portfolio f