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CDL Hospitality unit to sell Australian hotels for A$77M

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CDL Hospitality unit to sell Australian hotels for A$77M

The trustee of CDL Hospitality Trusts unit CDL Hospitality REIT indirectly agreed to sell the 194-room Mercure Brisbane and 218-room Ibis Brisbane hotels in Brisbane, Australia, to CR Hotel Target Pty Ltd. for A$77.0 million.

The hotels, which are connected at basement level, were valued at A$70.0 million on Dec. 22. The deal represents a 43.4% premium over the original purchase price of A$53.7 million.

The sale is expected to be completed in January 2018.