Singapore hospitality group buys Hotel Indigo Exeter for £19.4 million
Singapore-based hospitality group CDL Hospitality Trusts has acquired Hotel Indigo Exeter via a pair of London-based subsidiaries, CDL HBT Investments III Property and CDL HBT Investments III Retail, for a purchase price of £19.4 million.
The sale includes both the hotel building’s High Street-facing ground floor retail units, currently tenanted by Holland & Barrett and Mountain Warehouse, which are valued at £4 million separately.
The 104-bed hotel fully opened twelve months ago in the converted House of Fraser department store. It includes spa and gym facilities as well as a restaurant and two bars and is described by its new owner as an “upscale lifestyle boutique hotel”.
CDL Hospitality Trusts is part of an asset management business which owns 18 hotels in seven countries, as well as a shopping centre and a build-to-rent block in Manchester.
It is controlled by subsidiaries of Singapore-based Millennium & Copthorne Hotels, a hospitality and asset management group with 125 hotels in 22 countries.