Latest news with #CDLHT
Business Times
30-07-2025
- Business
- Business Times
CDL Hospitality Trusts H1 DPS falls 21.1% to S$0.0198 as W Hotel renovations continue
[SINGAPORE] The distribution per stapled security (DPS) for CDL Hospitality Trusts (CDLHT) fell 21.1 per cent to S$0.0198 for the first half ended Jun 30, from S$0.0251 in the previous corresponding period. This comes as the total distribution to stapled securityholders fell 20.2 per cent to S$25.1 million from S$31.4 million in the first half of last year. Net property income (NPI) fell 11.9 per cent to S$58.6 million for H1 2025, from S$66.5 million in the previous corresponding period. Its S$7.9 million net NPI decline was largely driven by ongoing room renovations at the W Hotel, which accounted for a S$3.2 million drop. These renovations are set to be completed by early 2026. Revenue declined 1.8 per cent to S$125.1 million after most portfolio markets outside the UK, Japan and Australia performed worse, the trust's manager said on Wednesday (Jul 30). Revenue per available room (RevPar) came in mixed across the stapled group's portfolio. Its Singapore, New Zealand, Maldives, UK and Italy markets logged declines, while its Australia, Japan, and Germany markets experienced growth. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The group's core Singapore market NPI fell 20.9 per cent to S$30.2 million, from S$38.3 million in H1 of the 2024 financial year. This came alongside lower RevPar, which fell 14.2 per cent to S$165 from S$193. Occupancy for Singapore hotels was down 5.2 percentage points at 73.2 per cent for the latest H1, from 78.4 per cent previously. CDLHT's Singapore hotels RevPAR was weighed down by a strong base effect when compared with the previous year's first half, where there was strong demand from large-scale events. It was also affected by subdued corporate demand, owing to global and economic uncertainties and exacerbated by tariff concerns, said the manager. It added that room renovations at W Singapore also played a part in the drop. The declines for the Singapore portfolio came despite visitor arrivals for the first half of 2025 rising 1.9 per cent from the year-ago period to 8.3 million. The UK market, which makes up the largest share of CDLHT's portfolio after Singapore, recorded 3.8 per cent lower hotels RevPAR at £114 (S$196) and 13.1 per cent NPI growth across its four hotels. It also posted NPI gains in its living assets business, which includes build-to-rent property and purpose-built student accommodation segments. As at Jun 30, CDLHT's gearing stood at 42 per cent and its interest coverage ratio was 2.11 times. Poised to benefit from more favourable rates CDLHT is poised to benefit from a potentially more favourable rate environment due to its 'low fixed to floating debt profile' and 'interest rate hedging strategy', said Vincent Yeo, CEO of CDLHT's managers. 'Capital recycling remains an integral part of our strategy to unlock value and reinforce portfolio resilience,' he added. Stapled securities of CDLHT closed on Tuesday 0.59 per cent or S$0.005 lower at S$0.85.
Straits Times
30-04-2025
- Business
- Straits Times
CDL Hospitality Trusts Q1 NPI slides 14.2% to S$30 million on lower revenue
The trust noted that recession risks were rising due to an unstable operating environment amid macroeconomic and geopolitical uncertainty. PHOTO: CDL HOSPITALITY TRUSTS SINGAPORE - Net property income (NPI) for CDL Hospitality Trusts (CDLHT) fell 14.2 per cent to $30 million for the first quarter of its fiscal year ended March, from $34.9 million in the year-ago period. Revenue stood at $63.4 million, down 2.8 per cent from $65.3 million previously. The drop in revenue came on the back of lower contributions from all markets aside from the UK and Japan, the manager said on April 30. Revenue per available (RevPAR) room came in mixed across the stapled group's portfolio. Its Singapore, New Zealand, Maldives and Italy markets logged declines while its Australia, Japan, UK and Germany markets experienced growth. The group's core Singapore market posted declines for NPI of 19.6 per cent, at $17.7 million from $22.1 million in Q1 of FY2024. This came alongside lower RevPAR, which fell 15.8 per cent to $173 from $205. As at March 2025, CDLHT's gearing stood at 41.8 per cent as its interest coverage ratio was 2.2 times and its weighted average cost of debt was 3.9 per cent. Speaking on the near to medium term outlook, the manager said that CDLHT is poised to benefit from further interest rate declines and will continue implementing hedging strategies as rates descend, with a transition to more fixed-rate borrowings. It noted that recession risks were rising due to an unstable operating environment amid macroeconomic and geopolitical uncertainty. Units of CDLHT were trading down 0.6 per cent at 79 cents as at 9.30am on April 30. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
30-04-2025
- Business
- Business Times
CDL Hospitality Trusts Q1 NPI slides 14.2% to S$30 million on lower revenue
[SINGAPORE] Net property income (NPI) for CDL Hospitality Trusts (CDLHT) fell 14.2 per cent to S$30 million for the first quarter of its fiscal year ended March, from S$34.9 million in the year-ago period. Revenue stood at S$63.4 million, down 2.8 per cent from S$65.3 million previously. The drop in revenue came on the back of lower contributions from all markets aside from the UK and Japan, the manager said on Wednesday (Apr 30). Revenue per available (RevPAR) room came in mixed across the stapled group's portfolio. Its Singapore, New Zealand, Maldives and Italy markets logged declines while its Australia, Japan, UK and Germany markets experienced growth. The group's core Singapore market posted declines for NPI of 19.6 per cent, at S$17.7 million from S$22.1 million in Q1 of FY2024. This came alongside lower RevPAR, which fell 15.8 per cent to S$173 from S$205. As at March 2025, CDLHT's gearing stood at 41.8 per cent as its interest coverage ratio was 2.2 times and its weighted average cost of debt was 3.9 per cent. Outlook: Poised to gain from falling rates Speaking on the near to medium term outlook, the manager said that CDLHT is poised to benefit from further interest rate declines and will continue implementing hedging strategies as rates descend, with a transition to more fixed-rate borrowings. It noted that recession risks were rising due to an unstable operating environment amid macroeconomic and geopolitical uncertainty. Units of CDLHT closed on Tuesday 1.3 per cent or S$0.01 higher at S$0.795.
