SINGAPORE – CDL Hospitality Trusts (CDLHT) reported a 7.1% year-on-year increase in net property income (NPI) to $36.7 million for the third quarter ended Sept 30, from $34.3 million a year earlier.
Revenue rose 4.1% to $72 million, from $69.2 million previously, the stapled group said on Oct 29.
The increase was driven by stronger contributions from its UK, New Zealand, Australian and European properties.
The UK portfolio recorded the largest increase in NPI, rising $1.2 million year on year. NPI from Grand Millennium Auckland more than trebled to $1.3 million, following stronger trading after refurbishment works were completed.
In Singapore, revenue per available room (RevPAR) rose 2.3% to $206, supported by higher average room rates and an occupancy rate of 88.6%.
However, NPI from its Singapore portfolio fell 1.6% to $21.5 million, partly due to the absence of F&B revenue associated with the 2025 World Aquatics Championships and renovation works at M Hotel.
NPI from the group’s hotels in Japan fell 18.5% to $708,000, as lower room rates and a weaker yen weighed on performance. In the Maldives, RevPAR declined 16.2% amid disruptions to air connectivity and increased competition.
For the first nine months of 2026, CDLHT’s NPI rose 3.8% to $96.4 million, while revenue increased 2.4% to $198.9 million.
As at end-September, its gearing stood at 35.6,% with a weighted average cost of debt of 2.8%.
Outlook
CDLHT’s managers said Singapore’s events calendar is expected to support hotel demand for the rest of 2026, with events including the Singapore FinTech Festival in November and BTS concerts in December.
Singapore’s Asean chairmanship in 2027 is also expected to bring high-level meetings, while the Asean Tourism Forum and Pokemon World Championships will provide further demand drivers.
The managers added that ongoing asset enhancement works would strengthen the portfolio’s competitiveness, although renovations at M Hotel and Copthorne King’s Hotel are expected to result in some near-term income displacement.
CDLHT’s 475-room Moxy Singapore Clarke Quay hotel is expected to begin operations in the first half of 2027.
Stapled securities of CDLHT closed flat at $0.70 on Oct 28. THE BUSINESS TIMES
