Singaporean investor acquires Exeter’s Hotel Indigo for £19.4m

Singapore’s CDL Hospitality Trusts has agreed to acquire Hotel Indigo Exeter and two shops from Hotel Exe and Plaza Properties for £19.4m. The freehold property located at 3 Catherine Street comprises a 104-room boutique hotel and two shops. Originally a House of Fraser department store, it was converted and opened as a hotel in October 2023. The REIT has signed a franchise agreement with InterContinental Hotels Group to continue operating under its hotel chain Hotel Indigo. The shops are under leases until 2033, with tenant break options in 2028 and 2029. CBRE has pegged the property’s market value at £19.5m, with the hotel valued at £15.5m and the shops at £4m. Vincent Yeo Wee Eng, chief executive officer of CDLHT, said: “This is a continuation of our strategy to pursue accretive acquisitions that augment our income streams. This acquisition also increases our exposure to the burgeoning lifestyle hotel market. “We have identified areas where we could potentially drive better performance befitting of the quality of the product and its excellent location.” See occupational sale comparables in Exeter >>