City e-Solutions, a subsidiary of City Developments Ltd. (CDL), recently purchased Renaissance Syracuse Hotel in New York for about US$10 million.
This represents US$35,842 per key and a 14 percent yield on the net operating income for 2009.
The 20-story hotel, which is situated on a freehold site, was acquired through a joint venture company, which City e-Solutions owns a 50 percent share.
The company said the 279-room hotel is expected to do well as it is strategically located close to several medical, educational and transport hubs in New York, including the State University of New York Upstate Medical University, Syracuse University and Syracuse Hancock International Airport.