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CDL Hospitality Trusts kept at 'add' on acquisition of Florence hotel

PC Lee
PC Lee11/20/2018 01:06 PM GMT+08  • 2 min read
CDL Hospitality Trusts kept at 'add' on acquisition of Florence hotel
SINGAPORE (Nov 19): CGS-CIMB Securities is maintaining CDL Hospitality Trusts (CDLHT) at “add” given the acquisition of Hotel Cerretani Florence will be DPU-accretive and provide the REIT exposure to the historic city of Florence, which ranks among It
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SINGAPORE (Nov 19): CGS-CIMB Securities is maintaining CDL Hospitality Trusts (CDLHT) at “add” given the acquisition of Hotel Cerretani Florence will be DPU-accretive and provide the REIT exposure to the historic city of Florence, which ranks among Italy’s most visited cities.

In a Monday report, analyst Eing Kar Mei says the city also has a vibrant exhibition and fair calendar, which includes the popular ‘Pitti Immagine Uomo’, a biannual international fashion exhibition that attracted more than 30,000 visitors in June.

On the supply side, Eing says there is limited future room stock due to high barriers to entry stemming from new urban planning regulations prohibiting new hotel developments in the city centre.

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