CDL to sell Penang hotel as part of portfolio review amid COVID-19 Toggle share menu Advertisement Copthorne Orchid Hotel & Resort Penang in Malaysia. (Photo: City Developments Limited) 14 Dec 2020 02:49PM (Updated: 14 Dec 2020 02:50PM) Share this content Bookmark SINGAPORE: City Developments Limited (CDL) said on Monday (Dec 14) its hotel arm has agreed to sell a Penang hotel for about RM75 million (S$25 million), as part of moves to streamline its portfolio amid the COVID-19 pandemic. This will be the third non-core hotel asset that Millennium & Copthorne Hotels (M&C) has agreed to sell since the start of the year. The three assets have a combined sales value of more than S$100 million.