News about CDL Hospitality Trusts —
CDL Hospitality Trusts is planning to reorganize its portfolio with a three pronged operation:
- divestment of Novotel Singapore Clarke Quay, for the sale price of S$375.9 million
- acquisition of the W Singapore - Sentosa Cove, for S$324 million
- forward purchase of an upcoming hotel to be built within a redevelopment of the current Liang Court at Clark Quay, for the price of S$475 million
The first two operations will leave the REIT with a pro forma gearing level of 35.3%, allowing some headroom to finance the upcoming new hotel. An Extraordinary General Meeting will be convened to vote on the proposal.