City Developments Completes Acquisition of Holiday Inn London
MT Newswires12-03 11:28
City Developments (SGX:C09) subsidiary, Copthorne Hotel, completed the acquisition of Holiday Inn London at Kensington High Street for 280 million pounds, according to a Tuesday filing with the Singapore Exchange.
The 706-room hotel booked a total revenue of more than 39 million pounds in the preceding 12 months and is expected to generate a yield of over 6%.
The acquisition takes the company's presence in Central London to over 3,000 hotel rooms.
Meanwhile, the property developer has also secured around SG$1.9 billion in contracted divestments year to date, this optimizing its portfolio and improving its capital position.
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