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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 Gardens and Trinity College. The 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, newly refurbished LivingWell Fitness
Gym and a meetings/events space for up to 200 people.
The hotel has been rejuvenated following a £8.2 million
phased refurbishment programme involving its 198 rooms
and public areas. The majority of this refurbishment
was completed in April 2015, with some elements still in
progress currently.
Notable accolades include:
• TripAdvisor Certificate of Excellence (2015 – 2016)
• Accreditation by the Meeting Industry Association
•
Booking.comCertificate of Excellence 2016
•
Laterooms.comCertificate of Excellence 2016
• Gold Accreditation for Overall Customer Experience in
the Cambridge BID Awards 2016
(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 using
the Discounted Cash Flow approach.
(4) Based on the average exchange rate of £1.00 =
S$1.8791.
PROPERTY DETAILS
Number of guest rooms:
198 rooms
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:
Five function rooms comprising approximately
400 sq m of event space which can be used
for intimate board meetings through to
hosting of gala dinners for up to 150 persons
Other facilities:
Executive Lounge and LivingWell Fitness Gym
Car park facilities:
54 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 31 December 2016:
£62.3 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
FY 2016 KEY FINANCIALS
Gross hotel revenue:
S$21.4 million
(4)
(£11.4 million)
Net property income:
S$8.5 million
(4)
(£4.5 million)
Average occupancy rate:
79.2%
Isaac Newton Function Room
71
Annual Report 2016
PROPERTY PORTFOLIO