CDL set to kick-start Copthorne expansion

One of the hotel industry's worst kept secrets - the sale of Copthorne Hotels to CDL Hotels International - was confirmed by both parties last week.

Singapore-based CDL is to pay Aer Lingus £219m for the chain, which comprises 17 owned, leased and managed hotels in the UK and mainland Europe. The deal is expected to be completed within the next four to six weeks.

Copthorne chief executive Peter Taylor, who is to continue in the job under CDL, said: "This is a positive move for the future of Copthorne. It is CDL's intention to build upon the success and achievements of the group."

He said the pace of development had been limited by lack of funding for new hotels and was delighted at the prospects for growth under CDL's ownership.

Among the other parties interested in Copthorne was Stakis, which is believed to have offered £215m.

Stakis chief executive David Michels declined to comment on price, but told Caterer: "We were in there right to the end and the opposition bid more than we were prepared to."