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

📆 10/20/2020 10:54 PM
📰 BusinessTimes

⏱ Reading Time:
25 sec. here
2 min. at publisher
📊 Quality Score:
News: 13%
Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks to watch: Keppel, Mapletree Logistics Trust, SIA, Keppel DC Reit, CDLHTTHE following companies saw new developments that may affect trading of their securities on Wednesday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »