One of Cambridge's biggest hotels has been sold for $95.1 million (£61.5 million).
The 198-room Cambridge City Hotel, in Cambridge, U.K., was acquired by Singapore-based CDL Hospitality Trust from previous owner LR (Cambridge). It is the first property the group has brought in Europe. The sale follows an $9.1-million refurbishment of the hotel which was completed in April.
"This acquisition in Cambridge, is in line with our strategy to invest in markets with good growth potential," said the trust manager's CEO Vincent Yeo.
"Cambridge has been one of the strongest performing hospitality markets in UK and the burgeoning life science cluster will support the growth trajectory of the market. This acquisition of Cambridge City Hotel is a rare opportunity for us to acquire a prime asset in a tightly held investment market."
The sale follows an $9.1-million refurbishment of the hotel which was completed in April.