Asia's first hotel REIT prices IPO at yield premium to Singapore peers

Viewed as a play on Singapore's tourism industry, CDL Hospitality Trusts attracts mainly Singapore-based investors to its $223 million IPO.

CDL Hospitality Trusts has become the second real estate investment trust in Singapore to complete an initial public offering in just over one week after attracting orders for almost two times the amount of units available.

Investors were said to have liked CDLÆs focus on hotel assets, which essentially makes it a play on SingaporeÆs growing tourism industry. The initial portfolio comprises four hotels, including the Orchard Hotel and the Grand Copthorne Waterfront Hotel, as well as a shopping...

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