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CDL To Sell Penang Hotel; Combined Sales Of S$105 Million And Divestment Gains Of S$50 Million From Disposal Of Three Hotel Assets | Hong Leong Group
14th Dec, 2020

CDL To Sell Penang Hotel; Combined Sales Of S$105 Million And Divestment Gains Of S$50 Million From Disposal Of Three Hotel Assets

City Developments Limited (CDL)’s wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited (M&C) has entered into a Sale and Purchase Agreement to divest the Copthorne Orchid Hotel & Resort Penang in Malaysia for RM 75 million (approximately S$25 million). The divestment is in line with the Group’s strategy to extract value from its non-core hotel assets, streamline its portfolio and recycle capital following the onset of the COVID-19 pandemic.

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