CDL Hospitality buys UK's Cambridge City Hotel

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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

"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.

Suggested Articles

The Dallas-based company has added six Caribbean resorts to its portfolio. 

Hotels in Brazil recorded 4.7 percent RevPAR growth in 2018 after three years of decline and the signs are positive for at least the next year.

The Holiday Inn Dehradun Mussoorie Diversion Road is slated to open in 2023.