CDL Hospitality Trusts' property income up 7.8% to $40.62m

Thanks to improved performance from The Lowry Hotel and Pullman Hotel Munich.

CDL Hospitality Trusts' (CDLHT) impressed in Q4 as their net property income jumped by 7.8% YoY from $37.69m to $40.62m.

According to its financial statement, NPI was lifted by inorganic contribution of $6.8m from The Lowry Hotel and $2.5m from Pullman Hotel Munich.

The Singapore portfolio performance for Q4 remained stable despite the competitive trading environment.

New Zealand Hotel gave a lower contribution due to weakened currency and higher local property tax. Its Japan, Maldives, and Hilton Cambridge properties also delivered a softer trading performance.

Distributable income rose 9.8% YoY from $30.9m to $33.9m, whilst distribution per unit (DPU) dipped by 5.7% YoY from 3 cents to 2.83 cents.

After the right issue, DPU rose to 3.39 cents.

CDLHT said, "The Singapore hospitality market observed a strong supply materialisation in Q4 with the opening of seven new hotels." Its Singapore hotels recorded a modest improvement in revenue per available room (RevPAR) by 1.1% YoY.

Across its other geographical segments, RevPAR in the Maldives declined 13.2%, New Zealand grew 5.5%, Japan fell by 4.5%, UK increased by 2.7%, and Germany grew 3.5%.

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