The property, Moxy Singapore Clarke Quay, is a 475-room hotel situated along the Singapore River, close to the Raffles Place central business district.
It forms part of Canninghill Piers, a mixed-use development comprising residential, hotel and commercial facilities jointly developed by City Developments Limited (CDL) and CapitaLand, according to a regulatory filing.
The seller is CDL Aquila Pte. Ltd., a wholly owned subsidiary of City Developments Limited. The purchase price is 5.7% below the Marriott-managed property’s SGD497 million valuation at the end of October. The 21-story hotel is scheduled to open by the first quarter of 2027.
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An artist’s impression of the reception area at Moxy Singapore Clark Quay hotel. Photo courtesy of Marriott |
The Singapore-listed real estate investment trust will finance the purchase with debt and net proceeds from a preferential offering of SGD149 million worth of shares at SGD0.643 apiece. After the deal, Singapore will account for about two-thirds of the group’s assets.
The acquisition is expected to close by the first quarter of 2027. It will increase CDL Hospitality’s earnings and expand its portfolio from 4,924 to 5,399 rooms.
The hotel will be the first Moxy-branded hotel in Singapore. Moxy is Marriott International’s lifestyle hotel brand, known for its compact rooms and lively communal spaces where guests can work, drink and socialise.
CDL Hospitality Trusts said it expects business travel, major events and leisure visits to support demand for Singapore hotel rooms. Revenue per available room at its Singapore hotels rose 2.3% year over year to SGD206 in the third quarter.
Singapore, however, has been seeing a slight decline in travel demand. The country recorded 12.65 million visitors in the first nine months, down 1.7% year over year. Overnight arrivals fell 3.3% to 9.22 million, according to the Singapore Tourism Board.