Millennium and Copthorne Hotels has agreed to sell its 360-key Studio M Hotel Singapore to an affiliate of CDL Hospitality REIT for approximately US$125 million.
This translates to about US$347,300 per key for the hotel, which is conveniently located in Singapore's entertainment precinct of Robertson Quay and also just minutes away from the Central Business District.
The Studio M Hotel Singapore will continue to be managed by M&C, with CDL entering into an initial 20-year fixed term lease with M&C subsidiary Republic Iconic.
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