Singapore billionaire Kwek Leng Beng-controlled firm to buy Marriott hotel for $366M
CDL Hospitality Trusts, a Singapore-listed property trust indirectly controlled by billionaire Kwek Leng Beng and his family, plans to acquire a Marriott-managed hotel in Singapore for SGD469 million (US$366 million).
Singapore's billionaire Kwek Leng Beng's firm is set to acquire Marriott's Moxy Singapore Clarke Quay hotel for $366 million, according to a regulatory filing. The 475-room property, located along the Singapore River near the Raffles Place CBD, is part of the Canninghill Piers mixed-use development developed jointly by City Developments Limited (CDL) and CapitaLand.
The hotel is scheduled to open by the first quarter of 2027, financed through debt and net proceeds from a share offering valued at SGD497 million. After the acquisition, Singapore will make up roughly two-thirds of the firm's assets. CDL Hospitality Trusts anticipates an increase in earnings and expansion of its room portfolio from 4,924 to 5,399 rooms, with the hotel being the first Moxy-branded property in Singapore.
The acquisition is expected to close by the first quarter of 2027, with business travel, major events, and leisure visits expected to support demand for hotel rooms in Singapore. However, the country has been experiencing a slight decline in travel demand, with visitor numbers down 1.7% year over year and overnight arrivals falling 3.3%.
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