CDL Hospitality Trusts buys Moxy Singapore Clarke Quay hotel for S$366M
CDL Hospitality Trusts is acquiring the 475-room Moxy Singapore Clarke Quay hotel for S$366 million, 5.7% below its S$497 million valuation. The hotel, part of the Canninghill Piers mixed-use development, is set to open by Q1 2027 and will be financed partly through a S$149 million preferential shar
CDL Hospitality Trusts is acquiring the Moxy Singapore Clarke Quay hotel for S$366 million, the company announced in a regulatory filing. The 475-room, 21-story hotel is located along the Singapore River near the Raffles Place central business district and forms part of the Canninghill Piers mixed-use development, jointly developed by City Developments Limited (CDL) and CapitaLand.
The seller is CDL Aquila Pte. Ltd., a wholly owned subsidiary of City Developments Limited. The purchase price is 5.7% below the Marriott-managed property’s S$497 million valuation as of the end of October. The hotel, which will be the first Moxy-branded hotel in Singapore, is scheduled to open by the first quarter of 2027.
CDL Hospitality Trusts will finance the purchase with debt and net proceeds from a preferential offering of S$149 million worth of shares at S$0.643 apiece. After the deal, Singapore will account for about two-thirds of the group’s assets. The acquisition is expected to close by the first quarter of 2027 and will expand CDL Hospitality’s portfolio from 4,924 to 5,399 rooms.
Moxy is Marriott International’s lifestyle hotel brand, known for its compact rooms and lively communal spaces where guests can work, drink and socialise. CDL Hospitality Trusts said it expects business travel, major events and leisure visits to support demand for Singapore hotel rooms. Revenue per available room at its Singapore hotels rose 2.3% year over year to S$206 in the third quarter.
Singapore has been seeing a slight decline in travel demand. The country recorded 12.65 million visitors in the first nine months, down 1.7% year over year. Overnight arrivals fell 3.3% to 9.22 million, according to the Singapore Tourism Board.
