By Denis Sheehan, Publisher, H&C News: Manchester’s Hotel Brooklyn acquired by Singapore based CDL Hospitality Trusts.
Singapore based CDL Hospitality Trusts has announced the acquisition of Manchester’s Hotel Brooklyn. The recently opened Hotel Brooklyn is a four-star hotel in Manchester, comprising 189 rooms. It also has a popular top floor bar, versatile conferencing space known as Brooklyn Heights, as well as Runyon’s, a ground floor restaurant.
The acquisition was made by CDL Hospitality REIT’s wholly-owned subsidiary, CDL HREIT Investments through a share purchase agreement with London based RA Holdings UK.
The total cost of the acquisition is estimated at £24.1 million, which comprises the property consideration of £22.8 million, an acquisition fee of £0.2 million as well as an estimated stamp duty and other fees of £1.1 million.
As part of the transaction, the wholly-owned subsidiary of CDL Hospitality Real Estate Investment Trust entered a share and purchase agreement with RAHoldingsUK to acquire Roundapple Hotel Partners III – which holds Hotel Brooklyn.
Roundapple Hotel Partners III now holds the leasehold interest in Hotel Brooklyn with 196 years remaining lease term.
The hotel has an independent property valuation of £25.3 million as at Dec 31, 2021, 11% above the agreed property value of £22.8 million.
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