City Developments Limited (CDL), the Singapore-based property investor controlled by billionaire Kwek Leng Beng, has acquired the Holiday Inn London Kensington High Street for £280 million ($370 million or S$480.2 million).

The 706-room freehold hotel, covering 6,356 square meters, was purchased through CDL’s wholly-owned subsidiary Copthorne Hotel Holdings at approximately £396,600 per room. The property achieved over 97% occupancy in the nine months to September 2025, generating annual revenues exceeding £39 million, and CDL expects a running yield above 6%.

Strategically located on Kensington High Street, the hotel sits adjacent to CDL’s 833-room Copthorne Tara Hotel and is within walking distance of Hyde Park, Kensington Palace, Royal Albert Hall, and premier shopping destinations. The acquisition provides CDL with a significant presence in an area with scarce freehold hotel opportunities.

This transaction expands CDL’s portfolio of Central London hotel rooms to more than 3,000, including The Biltmore Mayfair, Millennium Gloucester, and Copthorne Tara. The seller, London-based Cola Holdings, divested the asset as part of CDL’s ongoing strategy to recycle capital into high-growth investments.