PROPERTY PORTFOLIO
PROPERTY PORTFOLIO
CDLHT marked its maiden entry into the European market with the
acquisition of Hilton Cambridge City Centre (formerly known as Cambridge
City Hotel), United Kingdom in October 2015.
The property is a newly-refurbished upper upscale hotel with 198 rooms and
arguably the best located hotel in Cambridge. It boasts a prime location in
the heart of Cambridge city centre, being 1.6 kilometres from Cambridge
railway station and is situated beside the main thoroughfare. It is also
within the vicinity of popular tourist destinations such as King’s College,
The Fitzwilliam Museum, Cambridge University Botanic Garden and Trinity
College. Grand Arcade Shopping Centre, the city’s largest shopping mall,
is also adjacent to the property.
The hotel’s extensive suite of facilities includes three food & beverage
outlets, gym and meetings/events space for up to 200 people.
The hotel has been rejuvenated following an £8.2 million phased
refurbishment programme involving its 198 rooms and public areas.
This refurbishment was completed in April 2015.
CDLHT has appointed Hilton to provide management services.
On 15 December 2015, following the completion of certain conversion
works and re-launch activities, the hotel was rebranded as Hilton Cambridge
City Centre.
Notable accolades include:
• TripAdvisor Certificate of Excellence 2015
• Accreditation by the Meeting Industry Association
(1)
The lease term may be extended for a further term of 50 years pursuant to lessee’s
(CDLHT) option to renew under the lease granted by the head lessor (Cambridge
City Council).
(2)
The purchase price of £61.5 million refers to the price of the property and excludes
the adjustment for net working capital of £1.6 million.
(3)
The property was valued by Knight Frank LLP as at 25 August 2015 using the
Discounted Cash Flow approach.
(4)
As the acquisition was completed on 1 October 2015, the numbers only include the
contribution for the last three months of 2015.
(5)
Based on the average exchange rate of £1.00 = S$2.1005.
PROPERTY DETAILS
Number of guest rooms:
198
Number of food & beverage outlets:
Three outlets comprising The Book Room
Restaurant, Book Room Bar and Lounge,
and Quinns Irish Pub
Banquet/Conference/Meeting facilities:
5 function rooms comprising approximately
400 sq m of meeting space which can be
used for intimate board meetings through
to hosting of gala dinners
Other facilities:
Gym
Car park facilities:
50 car park lots
Land area: ~
3,600.0 sq m
Title:
125-year leasehold interest
commencing from 25 December 1990
(1)
Vendor:
London & Regional Group
Trading No. 3 Limited
Purchase price at 1 October 2015:
£61.5 million
(2)
Valuation
(3)
as at 25 August 2015:
£61.5 million
HOTEL MANAGEMENT
AGREEMENT DETAILS
Operator:
Hilton UK Manage Limited, an
affiliate of Hilton Worldwide Inc.
Term of hotel management agreement:
1 October 2015 to 31 December 2027
4Q 2015 KEY FINANCIALS
(4)
Gross hotel revenue:
S$6.1 million
(5)
(£2.9 million)
Net property income:
S$2.3 million
(5)
(£1.1 million)
Average occupancy rate:
78.6%
Isaac Newton Function Room
71
Annual Report 2015
