A Singaporean investor has made its European debut with the purchase of a Cambridge hotel for £61.5m.
CDL Hospitality Trusts acquired the Cambridge City hotel as part of its strategy to invest in markets with "good growth potential".
The 198-room city centre hotel had a net property income yield of 5.6% for the six months ended 30 June 2015, while CBRE, which advised seller London & Regional, cited a strong hospitality outlook for the UK with international tourist arrivals expected to hit a record 35.1 million in 2015.
Vincent Yeo, chief executive of the trust managers, commented on the acquisition: "This acquisition in Cambridge, UK, is in line with our strategy to invest in markets with good growth potential.
"Cambridge has been one of the strongest performing hospitality markets in UK and the burgeoning life science cluster will support the growth trajectory of the market. This acquisition of Cambridge City hotel is a rare opportunity for us to acquire a prime asset in a tightly held investment market."