CDLHT sells Brisbane hotel at slight premium, exiting market as challenges loom

📆 21/10/2020 06:54:00
📰 BusinessTimes

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CDL Hospitality Trusts (CDLHT) is selling its 4.5-star hotel Novotel Brisbane in Australia for S$67.9 million (S$66.4 million) to an independent third-party buyer, ADFA Brisbane. Read more at The Business Times.

The divestment"represents a good result" as it strengthens CDLHT's balance sheet while selling an asset amid the current uncertain global tourism environment at a price that is at a slight premium to the independent valuation, he added.

With the essentially fixed rent structure of the property, CDLHT has achieved a recurring rental yield of at least 7.8 per cent per annum during its holding period. This was computed based on fixed rent of A$4.9 million per year and the original purchase price of the property. The property is operated under the Novotel brand and comprises 296 guest rooms and suites with a gross floor area of 28,049 square metres across 15 levels, situated on a strata volumetric freehold title.

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