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 Middle East total was a 5.7 percent drop in the number of rooms under construction, while Africa's construction total is down 4 percent.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.

The Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol is expected to open in 2022.