CDL affiliate First Sponsor acquired the Westin Bellevue Hotel in Dresden, Germany. The property was purchased for €49.5m, increasing the firm’s spending on European properties to €400m since 2017. The hotel is located in a part of Germany known as “Silicon Saxony” that supports around 500 hotels that recorded nearly 4.4 million overnight stays in 2018. The hotel reported revenues of €8.5m last year, which was 3 percent above the average of Dresdsen hotels. Its average room rate of €99 per night is 30 percent above average. Singapor-based First Sponsor gave the hotel’s success in turning a profit every year since 2008 as a major attraction to buying it and investing in its renovation. “Such capex investments, coupled with the uptake in the German hospitality market, bode well for the future trading performance of the hotel,” said the firm in a statement.
