S-REIT invests in UK hotel market
Singaporean REIT CDL Hospitality Trusts has made its first investment in Europe, acquiring the 198-room Cambridge City Hotel (pictured) in the United Kingdom from London & Regional Group Trading No 3. The sales price was £61.5 million (US$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 (US$12.6 million) refurbishment, of its public areas and all 198 rooms.
The outlook for UK 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 the United Kingdom. According to Knight Frank, Cambridge is one of the strongest hospitality markets in the kingdom.
The acquisition represents a diversification of CDL Hospitality’s portfolio fro