CDL Hospitality Trusts (CDLHT) has announced plans to market Novotel Singapore Clarke Quay (NCQ) for $375.9 million, as part of this transaction to redevelop the Liang Court website and acquire the brand new resort under a forward purchase agreement, for $475 million or 110% of their development cost, whichever is lower.
More details about the developer of Leedon Green by MCL Land Yanlord.
Located at River Valley Road, NCQ is going to be offered to a consortium comprising City Developments Limited (CDL), CapitaLand and Ascott Residence Trust, which plans to redevelop the website into an integrated improvement, together with the new resort being a part of it.
Within an SGX filing, CDLHT also suggested to acquire W Singapore hotel in Sentosa Cove for about $324 million.
It plans to finance its acquisition of W Hotel with internal funds, including proceeds from the divestment of NCQ and/or debt financing.
CDLHT considered that the proposed transactions will enable it”to further penetrate the lifestyle resort market at several tiers or cost points in Singapore amid increasing global demand for lifestyle resorts with powerful identities and story-telling potential”.
This includes as the brand new resort, that will fall beneath Marriott International’s Moxy brand, is intended to appeal to the next-generation travellers, although the W Hotel will cater to the luxury lifestyle market.
“Throughout the W Hotel and the brand new resort, CDLHT may also gain from continued long-term vulnerability to Singapore, that’s the 5th most visited town in the world and attracts both leisure and business travel, given its status as an international financial center and famous MICE destination,” said CDLHT’s manager.
CDLHT possesses six hotels with 2,718 rooms at Singapore, that are valued at over $1.6 billion. When the planned transactions are finished, CDLHT will have seven resorts with 3,000 rooms in Singapore.