CDL Hospitality Trusts sells Brisbane hotel at slight premium, exiting market as challenges loom

SINGAPORE - CDL Hospitality Trusts is selling its 4.5-star hotel Novotel Brisbane in Australia for A$67.9 million to an independent third-party buyer, ADFA Brisbane, its managers said on Wednesday .

After the hotel's master lease expires in April 2021, CDLHT will likely be exposed to the underlying trading conditions, noted Vincent Yeo, chief executive of the stapled group's managers. The managers noted that the deal is in line with CDLHT's strategy of evaluating divestment opportunities periodically to recycle capital for better return and greater financial flexibility.

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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