Hotel Cerretani Firenze MGallery by Sofitel

CDL Hospitality Trust (CDLHT) has entered into a sale and purchase agreement to purchase a 95% stake in Hotel Cerretani Firenze MGallery by Sofitel for a total acquisition cost of EUR42.9 million (USD49 million), including fees and duties.

The property is a 4-star hotel situated on three freehold land plots in Florence, Italy.

The stake is being acquired from Cooperative Redwood Grove International and Galaren Invest, and will be effected via share purchase agreements of holding companies.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.