CDL of Singapore’s 2nd richest billionaire Kwek Leng Beng acquires Holiday Inn London hotel for $370M

City Developments Limited (CDL), led by Singapore's second-richest billionaire Kwek Leng Beng, has acquired the Holiday Inn London - Kensington High Street for £280 million (US$370.4 million). The 706-room hotel, purchased by CDL's subsidiary Copthorne Hotel Holdings, is strategically located near cultural landmarks and boasts a high occupancy rate. This acquisition enhances CDL's hotel portfolio in Central London, now exceeding 3,000 rooms. The purchase aligns with CDL's strategy to optimize its portfolio, following recent divestments totaling S$1.9 billion.