City Developments Limited acquires London hotel for $479.9m

The property recorded occupancy of more than 97% for the nine months to September.

City Developments Limited has acquired the Holiday Inn London – Kensington High Street for $479.9m or £280m, giving the group full ownership of the 706-room freehold hotel.

The price works out to £396,600 per key, or about $480m based on an exchange rate of £1 to $1.715.

The hotel sits on a 6,356-square-metre freehold site with a gross floor area of about 28,000 square metres in the Royal Borough of Kensington and Chelsea.

It is a two-minute walk from Kensington High Street and the nearby underground station. CDL said the asset carries long-term redevelopment potential.

The property recorded occupancy of more than 97% for the nine months to September and generated trailing twelve-month revenue exceeding £39m. CDL expects a running yield of more than 6%.

The hotel’s facilities include 13 function rooms, an 18-metre indoor pool, a health club and spa, a fitness centre, a private garden, and 35 underground parking spaces. Food and beverage offerings include the Boulevard Restaurant, Lounge Bar, Open Lobby Café, and The Garden.

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