{"id":112635,"date":"2019-11-22T14:24:58","date_gmt":"2019-11-22T07:24:58","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-hospitality-trusts-to-divest-novotel-hotel-acquire-w-singapore-hotel\/"},"modified":"2019-11-25T15:07:50","modified_gmt":"2019-11-25T08:07:50","slug":"cdl-hospitality-trusts-to-divest-novotel-hotel-acquire-w-singapore-hotel","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-hospitality-trusts-to-divest-novotel-hotel-acquire-w-singapore-hotel\/","title":{"rendered":"CDL Hospitality Trusts to divest Novotel hotel, acquire W Singapore hotel"},"content":{"rendered":"


\nThis comes as the new hotel, which will fall under Marriott International\u2019s Moxy brand, is designed to appeal to the next-generation travellers, while the W Hotel will cater to the luxury lifestyle market.
\nCDL Hospitality Trusts (CDLHT) has announced plans to sell Novotel Singapore Clarke Quay (NCQ) for $375.9 million, as part of the transaction to redevelop the Liang Court site, and acquire the new hotel under a forward purchase agreement, for $475 million or 110% of the development cost, whichever is lower.
\nLocated at River Valley Road, NCQ will be sold to a consortium comprising City Developments Limited (CDL), CapitaLand and Ascott Residence Trust, which intends to redevelop the site into an integrated development, with the new hotel being a part of it.
\nIn an SGX filing, CDLHT also proposed to acquire W Singapore hotel in Sentosa Cove for $324 million.
\nIt intends to fund its acquisition of W Hotel with internal resources, which includes proceeds from the divestment of NCQ and\/or debt financing.
\nCDLHT believed that the proposed transactions will enable it \u201cto further penetrate the lifestyle hotel market at different tiers or price points in Singapore amid increasing global demand for lifestyle hotels with strong identities and story-telling potential\u201d.
\nThis comes as the new hotel, which will fall under Marriott International\u2019s Moxy brand, is designed to appeal to the next-generation travellers, while the W Hotel will cater to the luxury lifestyle market.
\n\u201cThrough the W Hotel and the new hotel, CDLHT will also benefit from continued long-term exposure to Singapore, which is the 5th most visited city in the world and attracts both leisure and business travel, given its status as an international financial centre and renowned MICE destination,\u201d said CDLHT\u2019s manager.
\nMoreover, the proposed transactions will allow CDLHT to preserve its majority Singapore portfolio weightage via the W Hotel even after divesting NCQ, it added.
\n\u201cWith the acquisition of the W Hotel combined with the divestment of NCQ, and prior to the acquisition of the New Hotel, CDLHT\u2019s pro forma gearing would be lower, at 35.3%, leaving it with ample debt headroom amounting to $512.7 million, assuming a 45% gearing limit for CDLHT as a whole,\u201d revealed the managers.
\nCDLHT owns six hotels with 2,718 rooms in Singapore, which are valued at over $1.6 billion. Once the proposed transactions are completed, CDLHT will have seven hotels with 3,000 rooms in Singapore.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CDL Hospitality Trusts to divest Novotel hotel, acquire W Singapore hotel<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This comes as the new hotel, which will fall under Marriott International\u2019s Moxy brand, is...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-112635","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tiH","jetpack-related-posts":[{"id":112514,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/liang-court-redevelopment-to-include-700-prime-condo-units\/","url_meta":{"origin":112635,"position":0},"title":"Liang Court redevelopment to include 700 prime condo units","date":"November 21, 2019","format":false,"excerpt":"\r The site currently consists of Liang Court shopping centre,\u00a0Novotel Singapore Clarke Quay, Somerset Liang Court Singapore. Photo: CapitaLand In a joint announcement by City Developments Limited (CDL), CapitaLand, and Ascott Residence Trust (Ascott Reit), the existing Liang Court site\u2014located within District 6\u2014will be redeveloped into a mixed-use, integrated development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123585,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-to-acquire-central-square-for-315mil\/","url_meta":{"origin":112635,"position":1},"title":"CDL to acquire Central Square for $315mil","date":"December 3, 2021","format":false,"excerpt":"\r Located at 20 Havelock Road, Central Square will be redeveloped into a mixed-use development, with a serviced residence, retail and office units. 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