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CDLHT sells Novotel Brisbane for A$67.9m to independent third-party buyer

Divestment is seen as an opportunity for firm to exit market in city

Fiona Lam

Published Wed, Oct 21, 2020 · 09:50 PM

Singapore

CDL Hospitality Trusts (CDLHT) is selling its 4.5-star hotel Novotel Brisbane in Australia for A$67.9 million (S$66.4 million) to an independent third-party buyer, ADFA Brisbane.

The sale price is 6.9 per cent higher than the original purchase price of A$63.5 million on Feb 18, 2010, and represents a 0.6 per cent premium to the independent valuation of A$67.5 million as at Aug 31, 2020.