CDLHT Acquires The Lowry Hotel in Manchester; No Change to SGD 1.60 FVE
No-moat CDL Hospitality Trust has acquired its second hotel in the United Kingdom by picking up The Lowry Hotel in Manchester for GBP 52.5 million, or SGD 94.1 million. The acquisition is in line with the trust's strategy of diversifying away from its core market of Singapore. In recent years, the trust acquired a hotel in Cambridge and two hotels in Japan in recent years. There is no change to our thesis that the trust's earnings will still be driven largely by its operation in Singapore, which...CDL Hospitality Trusts is a stapled group comprising CDL Hospitality Real Estate Investment Trust (H-REIT) and its subsidiaries and CDL Hospitality Business Trust (HBT) and its subsidiaries. HBT is a business trust managed by M&C Business Trust Management Limited. The principal activity of H-REIT and its subsidiaries is to invest in income producing real estate and real estate related assets, which are used for hospitality and hospitality related purposes. As at Dec. 31, 2014, Co. had a portfolio of 4,709 hotel rooms in the Asia Pacific, comprising six hotels and a retail mall in Singapore, five hotels in Australia, one hotel in New Zealand, two resorts in Maldives and two hotels in Japan.
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