Billionaire Kwek Leng Beng’s CDL Expands In London With $370 Million Holiday Inn Deal

City Developments Ltd., led by billionaire Kwek Leng Beng, acquired the Holiday Inn London for $370 million, expanding its portfolio to over 3,000 rooms in Central London. The acquisition includes a 706-room hotel on a prime freehold site in Kensington, boosting CDL's hospitality assets in the area. The deal is part of CDL's strategy to strengthen its finances and optimize its portfolio, having raised S$1.9 billion from asset divestments this year.