Apollo's Grant Kelley named CEO of City Developments

Kelley has more than 20 years of experience in corporate strategy, private equity and real estate in Asia and globally. Before joining Apollo in 2010, he was CEO of Colony Capital Asia for four years and then founded Asia-based real estate investment firm Holdfast Capital. At Colony he led the S$1.72 billion ($1.35 billion) acquisition of Raffles Holdings' hotel portfolio, including the iconic Raffles Hotel.

Kelley also worked for Colony in New York and spent the early part of his career with Booz & Co, then known as Booz Allen.

"Leveraging on Grant's experience at Colony where he managed a wide portfolio of hotel assets, he will be in a unique position to help monitor the performance of Millennium & Copthorne Hotels, a major subsidiary and revenue contributor to CDL," Kwek Leng Beng, executive chairman of CDL, said in a statement.

He is also expected to contribute to the company's diversification plans as it seeks to increase exposure to growth markets.

CDL is one of Singapore's biggest landlords, with more than 7.8 million square feet of office, industrial, retail, residential and hotel space, with assets in Asia, Europe, the Middle East, North America and Australasia. It has a land bank of 3.2 million sq ft, which can potentially be developed into more than 9.3 million sq ft of gross floor area.

London-listed subsidiary Millennium & Copthorne Hotels manages or operates over 100 hotel properties globally.

CDL reported a net profit of S$860.3 million in 2012, down 10.5% year-on-year, while revenue jumped 2.2% to S$3.35 billion.

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