SINGAPORE: CDL Hospitality Trusts will purchase a refurbished hotel in Cambridge, Britain, marking its first foray into Europe, said the group of trusts yesterday.
Its CDL HBT Cambridge City (UK) unit has entered a share purchase agreement to indirectly buy Cambridge City Hotel.
This will be done by acquiring 100 per cent of the issued capital of LR (Cambridge).
The sale price of about £62.5 million (S$136 million) is based on the property price of £61.5 million, in addition to a payment of about £1 million – based on the estimated net working capital and cash of LR (Cambridge) at the sale’s completion.
LR (Cambridge) will be renamed CDL HBT Cambridge City Hotel (UK) and it will continue to hold and operate the hotel.
The upscale 198-room hotel is 1.6km from the Cambridge railway station.
It is adjacent to Cambridge’s largest mall, the Grand Arcade Shopping Centre, and near popular tourists spots such as King’s College and Fitzwilliam Museum.
The hotel completed an £8.2 million refurbishment in April that refreshed the public areas and all the hotel’s rooms.
Mr Vincent Yeo, chief executive of the trusts’ managers, said in a statement: “This acquisition in Cambridge is in line with our strategy to invest in markets with good growth potential.”
