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A Singaporean investment group has purchased Cambridge City Hotel for the reported sum of £61.5m.
CDL Hospitality Trusts said it was looking for properties with growth potential and that the acquisition marks its first foray into the European market.
According to a statement from CDL: “The hotel’s rooms refurbishment which took place in 2014 affected occupancy as an average of ~16.0% of rooms were taken out of inventory at any one time.
“Despite the disruption arising from the renovation of the public areas from January 2015 to April 2015, the property’s performance showed marked improvement in 2015 over 2014, recording a RevPAR of £101 in H1 2015, which translated to a growth of 28.6% year-on-year.
“The property’s trading performance is expected to further improve as the hotel continues to trade post-refurbishment without any disruption.”
Cribsheet
