CDL Hospitality Trust (SGX:J85U) announced on 1 October that it has completed the acquisition of UK property Cambridge City Hotel.
The Singapore-listed hospitality REIT first announced on 9 September 2015 that it was acquiring the property for GBP62.5 million (SGD135.3 million). This is CDL Hospitality Trust’s first acquisition in the UK.
The acquisition has been effected by buying of 100% of the issued share capital of LR (Cambridge) Limited, which holds Cambridge City Hotel. Hilton UK Manage Limited has been appointed to provide management services for the hotel up to 31 December 2027.
“It is intended that after completion of certain conversion works and re-launch activities, Cambridge City Hotel will be rebranded as ‘Hilton Cambridge’, said CDL Hospitality Trust in its announcement.
Units of the REIT are currently listed in the Singapore Exchange at SGD1.30.