Singapore investment firm buys Dresden Hotel for €49.5M

Singapore investment firm buys Dresden Hotel for €49.5M

Published at: 2019-02-25 10:32 | Author: CIJEurope.com
CDL affiliate First Sponsor acquired the Westin Bellevue Hotel in Dresden, Germany. The property was purchased for €49.5m, increasing the firm’s spending on European properties to €400m since 2017. The hotel is located in a part of Germany known as “Silicon Saxony” that supports around 500 hotels that recorded nearly 4.4 million overnight stays in 2018. The hotel reported revenues of €8.5m last year, which was 3 percent above the average of Dresdsen hotels. Its average room rate of €99 per night is 30 percent above average. Singapor-based First Sponsor gave the hotel’s success in turning a profit every year since 2008 as a major attraction to buying it and investing in its renocation. “Such capex investments, coupled with the uptake in the German hospitality market, bode well for the future trading performance of the hotel,” said the firm in a statement.

Similar Stories:

Paris Udvar Hotel Budapest to open after 4-year renovation
Renovation of the Paris Udvar Hotel Budapest has entered the final phase of work, with the  »
Valamar has opened a five-star hotel in Porec
Valamar Collections Marea Suites, the first Valamar five-star hotel in the Croatian town o  »
Tourist complex to break ground in northern Bosnia
Construction on a new tourist resort is near Banja Luka in northern Bosnia is scheduled to  »
€5m Nomad club to open on Pag island, Croatia
The Nomad club will open on the island of Pag in Croatia next week following an investment  »
The largest investment conference in Southeast Europe has gathered over 350 participants f   »
Greece is on the verge of a hotel resort development boom, with over 20 greenfield project   »
In Europe, the UK leads the way when it comes to new hotel projects: 119,000 rooms are cur   »
Invesco Real Estate acquired the 232-room Sheraton Grand Hotel Kraków for €70m on behal   »