CDL HOSPITALITY ACQUIRES THE HOTEL CERRETANI FLORENCE MGALLERY

CDL Hospitality Trust, the Singaporean REIT, has paid €40.6 million for a 95% stake in the Hotel Cerratini Florence, MGallery by Sofitel, reflecting a value for 100% of the hotel of €42.7 million (€497,000 per room). The 86-room property in Florence’s centre is CDL’s first acquisition in Italy, which it has made in conjunction with EVENT Hotels, who retain a 5% ownership stake. The hotel will continue to be managed by EVENT under the MGallery brand, on a 20-year lease contract, reflecting a reported yield of 4.6% for CDL.

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