Billionaire Kwek Leng Beng's CDL Expands In London With $370 Million Holiday Inn Deal [Forbes]
CITY DEVELOPMENTS S/ADR (CDEVY)
NASDAQ:AMEX Investor Relations:
ir.cdl.com.sg
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Source: Forbes
Copthorne Hotel Holdings, a wholly-owned unit of CDL completed the acquisition of the 706-room Holiday Inn London in Kensington High Street at £396,600 per room, the Singapore-based developer said in a statement . The hotel sits on a 6,356 square meter freehold property, offering long-term development potential, it said. With the purchase, City Developments said it owns two of the largest freehold sites in London's most affluent districts of Kensington and Chelsea. The acquisition also boosts the group's portfolio to over 3,000 rooms in Central London, where it owns six hospitality assets including the 833-room Copthorne Tara Hotel and the 611-key Millennium Gloucester Hotel. “This is a once-in-a-lifetime chance to secure an ultra-prime freehold site in Central London,” Kwek Leng Beng, executive chairman of CDL, said the statement. “Freehold sites in this location are exceptionally scarce, and it is even rarer to find one directly adjacent to our Copthorne Tara hotel.” The Holi
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